MONDAY, 24 JULY 2023

18 pages in 1 section www.business-standard.com

MUMBAI
~12.00
VOLUME XXVII NUMBER 261

How markets performed last week

% chg over Dec 30, ‘22
Index on *One- --————————————————————————————————————————————————————————

July 21, ‘23 week Local currency in US $

Sensex 66,684 0.9 9.6 10.6
Nifty 19,745 0.9 9.1 10.1
Dow Jones
Nasdaq
Hang Seng
35,228
14,033
19,075
2.1
-0.6
-1.7
6.3
34.1
-3.6
6.3
34.1
-3.8
BANKS GET 8 MTHS TO EFFECT TCS REVENUE GROWTH OF EARLY
Nikkei
FTSE
32,304
7,664
-0.3
3.1
23.8
2.8
14.5
9.4
ON FOREIGN CREDIT CARD SPENDS BIRDS HITS 10-QUARTER LOW
DAX 16,177 0.4 16.2 20.7
*Change (%) over previous week Source: Bloomberg P U B L I S HE D S I MU L T A N E O USL Y F R O M AH M E D AB AD , B E NG AL UR U, B H O PAL , B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y DE R ABAD, K OCHI, K OL K ATA, L UCK N O W , MUMBAI, N E W DE L HI AN D P UN E
2 COMMERCIAL
>
MUMBAI | MONDAY, 24 JULY 2023

SHIVA TEXYARN LIMITED HIGH ENERGY BATTERIES (INDIA) LIMITED MAHINDRA MANULIFE INVESTMENT MANAGEMENT
CIN: L36999TN1961PLC004606 PRIVATE LIMITED
Regd. Office: 52, East Bashyakaralu Road, R S Puram, Coimbatore -641002. (An ISO 9001:2015 & ISO 14001:2015 & ISO 45001:2018 Certified Company)
Phone: 0422-2544955, Website: www.shivatex.co.in, Regd. Office: “ESVIN House”, 13 Old Mahabalipuram Road, Perungudi, Chennai 600096 Corporate Identity Number: U65900MH2013PTC244758
e-mail:shares@shivatex.co.in, CIN: L65921TZ1980PLC000945 Phone:044-24960335, Email: investor@highenergyltd.com Registered Office : “A” Wing, 4th Floor, Mahindra Towers,
NOTICE
NOTICE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2023 Dr. G.M Bhosale Marg, P.K. Kurne Chowk, Worli, Mumbai 400 018
(For the attention of Equity Shareholders of the Company) Rs.in Lakhs Corporate Office: 1st Floor, Sadhana House, 570, P.B Marg,
Sub.: Transfer of Equity Shares of the Company to Investor Education Worli, Mumbai – 400 018
Quarter Ended Quarter Ended Quarter Ended Year Ended
and Protection Fund (IEPF) Authority 30th June, 2023 31st March, 2023 30th June, 2022 31st March, 2023 Tel: 1800 4196244; website: www.mahindramanulife.com;
Particulars
This Notice is published pursuant to the provisions of the Investor Education email id: mfinvestors@mahindra.com
(Unaudited) (Audited) (Unaudited) (Audited)
and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules,
2016 notified by the Ministry of Corporate Affairs effective September 7, 2016 Total Income from Operations 2406.65 3154.09 1469.56 9356.02 NOTICE NO. 28/2023
and amendments made thereto (referred to as “the Rules”). Net Profit / (Loss) for the period
The Rules, amongst other matters, contain provisions for transfer of all 802.91 930.48 330.25 2748.76 Disclosure of Annual Report of the Schemes of
[before tax and Exceptional items]
shares in respect of which dividend has remained unpaid or unclaimed Mahindra Manulife Mutual Fund
by the shareholders for seven consecutive years or more (from the Net Profit / (Loss) for the period before tax
802.91 930.48 330.25 2748.76
financial year 2015-16) in the name of Investor Education and Protection [after Exceptional items]
Notice is hereby given to the Unitholder(s) of the scheme(s) of Mahindra Manulife Mutual
Fund (IEPF) Authority. Net Profit / (Loss) for the period after tax
The Company has, vide letter dated 21.07.2023 communicated to the 594.79 696.89 246.27 2049.51 Fund (“the Fund”) that in accordance with Regulation 56(1) of SEBI (Mutual Funds)
(after Exceptional items)
concerned shareholders whose shares are liable to be transferred during the Total Comprehensive Income for the period Regulations, 1996 read with Paragraph 5.4 of the SEBI Master Circular No. SEBI/HO/IMD/
financial year 2023-2024 to IEPF Authority under the said Rules. [Comprising Profit / (Loss) for the period (after tax) 613.02 682.23 252.98 2047.81
The Company has uploaded details of such shareholders whose shares are and Other Comprehensive Income (after tax)] IMD-PoD-1/P/CIR/2023/74 dated May 19, 2023, the Annual Report and Abridged Annual
due for transfer to IEPF Authority on its website at www.shivatex.co.in.
Shareholders are requested to verify the same. Equity Share Capital 179.28 179.28 179.28 179.28 Report of the scheme(s) of the Fund for the year/period ended March 31, 2023, has been
Shareholders may note that both the unclaimed dividend and the shares Other Equity (excluding Revaluation Reserve) hosted on the Fund’s website viz., www.mahindramanulife.com and on the website of
transferred to IEPF Authority including all benefits accruing on such shares, if as shown in the audited Balance Sheet - - - 7168.86
any, can be claimed back from IEPF Authority after following the procedure AMFI viz., www.amfiindia.com.
of the previous year
prescribed under the Rules.
Earnings Per Share (of Rs.2/- each) Further, Unitholder(s) may also request for a physical or electronic copy of the Annual
The concerned shareholders, holding shares in physical form and whose Basic and Diluted
shares are liable to be transferred to IEPF Authority, may note that upon such Report/Abridged Annual Report, by writing to us at mfinvestors@mahindra.com from their
transfer, the original share certificate(s) which stand registered in their name 1. Basic (Quarterly figures are not annualised): 6.64 7.77 2.75 22.86
will stand automatically cancelled and be deemed non-negotiable. The 2. Diluted (Quarterly figures are not annualised) : 6.64 7.77 2.75 22.86 registered email ids or calling on our toll free number 1800 419 6244 or by submitting a
shareholders may further note that the details uploaded by the Company on its
website should be regarded and shall be deemed adequate notice by the Note: written request at any of the nearest investor service centers (ISCs) of the Fund (please
The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33 of the
Company for the purpose of transfer of shares to IEPF Authority pursuant to the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available refer our website www.mahindramanulife.com for the updated list of ISCs).
Rules. on the stock exchange websites www.bseindia.com. The same is also available on the company’s website www.highenergy.co.in under the
In case the Company does not receive any communication from the concerned financials section.

Cno.01633
Investor(s)/ Unit holder(s) are requested to take a note of the same.
shareholders within three months from the date of this notice, the Company (By Order of the Board)
shall transfer the shares to IEPF Authority as per procedure stipulated in the for HIGH ENERGY BATTERIES (INDIA) LIMITED
Rules. Place: Chennai G. A. PATHANJALI For Mahindra Manulife Investment Management Private Limited
In case the shareholders have any queries on the subject matter, they may Date: 22.07.2023 Managing Director
contact the Company's Registrar and Transfer Agents at S.K.D.C Consultants
Ltd., Surya 35, Mayflower Avenue, Behind Senthil Nagar, Sowripalayam Road,
Coimbatore-641028, Phone: 91422 4958995/2539835-836,.Email: Place: Mumbai Sd/-
info@skdc-consultants.com For Shiva Texyarn Limited Date: July 21, 2023 Authorised Signatory
(Sd/-)
Coimbatore R. Srinivasan
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
21.07.2023 Company Secretary

Notice cum Addendum to the Scheme Information Document (SID) and Key Information Memorandum (KIM) of the Schemes of Sundaram Mutual Fund
Introduction of Daily Systematic Investment Plan (SIP), Any Day Systematic Withdrawal Plan (SWP), • For subsequent installments, the NAV of the previous processed installment will become the Step 2
Capital Appreciation Option under Systematic Withdrawal Plan (SWP) / Systematic Transfer Plan (STP) base NAV for the purpose of calculating the capital appreciation amount. Lower of the maximum amount specified by the customer and the amount determined by
and Sundaram Flexi Systematic Investment Plan (SIP). • In case of any additional inflows (including SIP/STP installments) between two STP/SWP Step 1
Investors are hereby informed that Sundaram Trustee Company Limited, the Trustee to Sundaram Mutual installments, the capital appreciation amount will be identified by the difference in NAV of $The installment value of FLEXI SIP will be determined on the basis of prevailing NAV on 10th day (T-10)
Fund has decided to carry out the following changes in the Scheme Information Document (SID) and creation of such additional units and the NAV of the scheme on the date of SWP/STP installment. before the installment date. If T-10th day falls on a Non-Business day, then the valuation will be considered of
Key Information Memorandum (KIM) of the Scheme(s) of Sundaram Mutual Fund with effect from July (refer illustration)
26,2023. previous available NAV.
• In case the specified date of any installment falls on a non-business day for either of the schemes,
Daily Systematic Investment Plan (Daily SIP) will be introduced in all the open-ended Equity Schemes • In case, when investor availing SIP Pause facility during the tenure of Flexi SIP or when any
the STP installment will be processed on the following business day of both the schemes.
(except ELSS schemes) and Sundaram Global Brand Fund*. installment is dishonoured then such installments will not be included for the purpose of
• SWP/STP registration will be rejected, in case of any of the units of the scheme are under lock-
* Facility can be availed as and when the inflows in the Sundaram Global Fund are notified as allowed. calculation of installment amount (as stated above) of Flexi SIP.
in period or pledged.
Features of Daily SIP • The Flexi SIP will be available only under the Growth option of the eligible schemes.
• Discontinuation of SWP/STP, for all frequencies
• SIP shall commence on the chosen date falling on or after 30 calendar days (10 calendar days
o SWP/STP will stand terminated after the balance in the scheme becomes NIL. • In case the date of installment falls on a Non-Business Day, the installment will be processed on
for the active One Time Mandate (OTM) registered in the existing folio) from the date of
o SWP/STP will be terminated if any of the units under the Scheme are under lock-in period the next business day.
submission of SIP request.
• SIP installment will not get processed on any Non-Business Days. or pledged or upon receipt of intimation of death of first/sole unit holder. • SIP Top-up facility will not be applicable for Flexi SIP
• Minimum Tenure and Amount - Minimum 3 months; Amount Rs. 100 per installment and in o Investors can also choose to cancel/terminate the SWP/STP by giving a notice of at least 7 • Once the Flexi SIP has been stopped/terminated/cancelled the unit holder needs to provide a new
multiples of Re.1 thereafter. Business Days in advance to the Official Points of Transactions and accordingly, termination request to start Flexi SIP.
• SIP will be ceased in case of 3 consecutive failures. of SWP/STP shall be effected on receipt of valid request. • Flexi SIP will be ceased in case of 3 consecutive failures.
• At least 7 business days’ prior intimation should be given to the Mutual Fund for • The criteria for minimum application amount/minimum additional application amount in case • In respect of Flex SIP made in any of the existing open ended equity Scheme(s), the Exit Load
cancellation/termination of an existing Daily SIP of Target Schemes and minimum redemption amount in case of Source Schemes shall not be
Structure prevalent at the time of allotment of each installment shall be applicable.
• Daily SIP can be registered for a maximum of one year period. applicable.
• SIP Top-up facility will not be applicable for Daily frequency. • The request for Flexi SIP should be submitted at least 30 calendar days before the first installment
• Capital Appreciation under SWP/STP Facility in any manner whatsoever is not an assurance or
Any Day Systematic Withdrawal Plan (Any day SWP) along with OTM for registration.
promise or guarantee on part of the Scheme / AMC to the Unit holders in terms of returns or
In addition to the existing provision of SWP facility, “Any Day SWP” facility is launched with the • Flexi SIP cancellation can be done separately by submitting the request at least 21 Business days
capital appreciation or minimization of loss of capital or otherwise. Please read the respective
following details. in advance; however, the associated NACH mandate can be retained for future investments
SID/KIM for more information before investing.
SWP Frequency Choice of the Date* (1-31) • All other terms & conditions of Systematic Investment Plan are applicable to Flexi SIP.
Illustration –
Monthly SWP Any Date of the Month
Capital appreciation option: • Illustration: Calculation of Flexi SIP
Quarterly SWP Any Date of the month on rolling quarter basis
Let us assume that Mr. ABC invested Rs. 1,00,000 in Scheme on 1st March at NAV of Rs. 10 per unit Scheme Sundaram Large Cap Fund
*In case the chosen date falls on a Non-Business Day, then the SWP will be processed on the immediate
and he would like to redeem/transfer capital appreciation on a monthly basis for a period of 6 months. Option Growth
next Business Day.
*In case the SWP date is not specified or in case of ambiguity, the SWP transaction will be processed Date of SWP/ STP Registration – 3rd March Date & Frequency of Flexi SIP 10th – Monthly
on 1st of the subsequent month after completion of 7 business days’ registration period. In case the end NAV on 3rd March – 10.5000 Amount Rs. 3000/-
date is not specified, SWP will be registered for a period of 3 years. The SWP registration will stand SWP/STP Date – 15th of every month No. of Installments 12
terminated when the unit balance in the scheme becomes NIL. Date of first SWP/STP transaction – 15th March
Maximum Debit Amount Rs.5000/-
Please note that SWP installment will be processed under active folio having free units in the scheme Transaction Date Transaction type Amount (Rs.) NAV Units Closing Balance
Flexi SIP Period July 2022 – June 2023
where SWP is registered. (a) (b) (c)=a/b (d)
Calculation of Flexi SIP installment amount for the 4th installment i.e. October 10, 2022
All other terms and conditions pertaining to SWP shall remain the same. 1st March Purchase 1,00,000.00 10.0000 10000.000 10000.000
Any day SWP is eligible for cycle dates of 1st to 31st as under: i. Total units allotted up to the date of last installment i.e. September 10, 2022 is assumed as
15th March SWP/STP – Capital Appreciation – 1/6 15,000.00 12.0000 1250.000 8750.000
i. For the dates from 1 to 28: 15th April SWP/STP – Capital Appreciation – 2/6 8750.00 13.0000 673.077 8076.923 500.000 units;
• SWP shall be processed on the specified date if that day is business day. If it is a non- 5th May Purchase 1000.00 15.0000 66.667 8143.59 ii. NAV of the scheme on T-10th day is assumed as Rs. 16/- per unit;
business day, it shall be processed on the next business day. 15th May SWP/STP – Capital Appreciation – 3/6 25926.15 16.2000 1600.379 6543.211 iii. Hence, the market value of the investment in the Scheme on T-10th day is Rs. 8,000.00
ii. For the dates from 29 to 31: Calculation of Capital Appreciation amount [500.000X 16]. The installment amount will be calculated as follows:
• If the date is available in that month and business day, SWP shall be processed on the
SWP/STP SWP/STP Registration Date NAV/ NAV Unit Capital Step 1:
specified date. In case, the chosen date is available in that month, but it is a non-business
Date Date NAV Previous SWP(STP) NAV/ Appreciation Balance Appreciation a. Fixed amount specified at the time of enrolment: Rs. 3,000/- Or
day, SWP shall be processed on the next business day.
Additional Purchase NAV per unit Amount b. As determined by the formula: (3,000 X 4) – 8,000 = Rs. 4,000/-
• If the chosen SWP date itself not available in that month, SWP shall be processed on its
(e) (f) (g)=e-f (h) (i) a) or b) Whichever is Higher.
previous business day.
o For example, if 29th is not available in the month of February, SWP shall be triggered 15th March 12.0000 10.5000 1.5000 10000.000 15000.000
Step 2 = Lower of Maximum Debit Amount or Step 1
on last business day of the month. 15th April 13.0000 12.0000 1.0000 673.077 8750.000
= Lower of (Rs.5000) or Rs. 4000
o For example, if 31 is not available in any of the months, SWP shall be triggered on 15th May 16.2000 13.0000 (for 8076.923 units) 3.2 (for 8076.923 units) and 8143.59 (3.2*8076.923)+
Hence, on October 10, 2022, the installment amount to be invested in the Scheme will be Rs.
30th of that month, if it is a business day, else the last business day of the month shall and 15.0000 (for 66.667 units) 1.2 (for 66.667 units) (1.2*66.667) =
4,000/-
be considered for SWP processing. 25926.15
SUNDARAM FLEXI - SYSTEMATIC INVESTMENT PLAN ("Sundaram Flexi SIP") The Trustee/AMC reserves the right to change/modify the terms of Systematic Transactions.
Capital Appreciation Option under Systematic Withdrawal Plan (SWP) / Systematic Transfer Plan
(STP) facility. Sundaram Flexi SIP is a facility wherein an investor can opt to invest variable amount linked to the value All other terms and conditions of the Scheme Information Document(s) / Key Information
Investors can now choose the Capital Appreciation option with the Monthly or Quarterly frequency of his investments in any of the existing open ended equity schemes (except ELSS scheme) of Sundaram Memorandum(s) / Statement of Additional Information will remain unchanged.
under Systematic Withdrawal Plan (SWP) / Systematic Transfer Plan (STP). Mutual Fund, on a pre-determined date. This addendum forms an integral part of the Scheme Information Document (SID) / Key Information
Features of Capital Appreciation Option: The minimum number of installments and amount for enrolment: Memorandum (KIM) / Statement of Additional Information (SAI) to the schemes of Sundaram Mutual
• Capital appreciation in the scheme can be withdrawn or transferred to the specified Destination Frequency under Flexi-SIP Facility Minimum Installments Minimum Flexi-SIP amount (Rs.) Fund as amended from time to time.
Scheme at prescribed frequency. Monthly 12 Installments Rs. 1000/- and in multiple of Rs. 1/-
• The Capital Appreciation option will be available only under the Growth option of the eligible
Quarterly 4 installments Rs. 3000/- and in multiple of Rs. 1/-
schemes. For Sundaram Asset Management Company Ltd
• The first Flexi SIP installment will be processed for the fixed installment amount specified by the Place: Chennai R Ajith Kumar
• Investor opting for STP with capital appreciation, will have to choose Growth as scheme option
unit holder at the time of enrolment. From the second Flexi SIP installment onwards, the Date: July 24, 2023 Secretary & Compliance Officer
under destination scheme.
investment amount shall be computed as per formula stated below. Corporate Office:
HY1-23-24-10(33x30cms)

• The minimum investment or current value in the scheme should be Rs. 1,00,000/- on the day of
Step 1 1st & 2nd Floor, Sundaram Towers, 46, Whites Road,
application of SWP/STP with capital appreciation option. For more information please contact: Royapettah, Chennai-14.
• Minimum 6 installments required for registration of SWP/STP facility with capital appreciation ­ fixed amount to be invested per installment. Sundaram Asset Management Company Ltd Contact No. (India) 1860 425 7237,
option. OR (Investment Manager to Sundaram Mutual Fund) (NRI) +91 40 2345 2215 Fax: +91 44 2841 8108.
­ the amount as determined by the following formula: CIN: U93090TN1996PLC034615 www.sundarammutual.com
• SWP/STP registration will take minimum 5 Business Days’.
Regd. Office:
• The respective NAV on the date of registration of SWP/STP facility in the scheme will be (Number of current installment due * fixed amount to be invested per installment) - market No. 21, Patullos Road, Chennai 600 002.
considered as base NAV for the purpose of calculating the capital appreciation amount for the value of the investments through Flexi SIP$ in the Scheme Mutual fund investments are subject to market risks, please read all scheme related documents carefully before investing.
first installment. whichever is higher of the above Returns are not assured or guaranteed.
MONDAY, 24 JULY 2023
18 pages in 1 section www.business-standard.com
MUMBAI
~12.00
VOLUME XXVII NUMBER 261

How markets performed last week

% chg over Dec 30, ‘22
Index on *One- --————————————————————————————————————————————————————————

July 21, ‘23 week Local currency in US $

Sensex 66,684 0.9 9.6 10.6
Nifty 19,745 0.9 9.1 10.1 BACK P16 WORLD P8
Dow Jones 35,228 2.1 6.3 6.3
Nasdaq
Hang Seng
Nikkei
14,033
19,075
32,304
-0.6
-1.7
-0.3
34.1
-3.6
23.8
34.1
-3.8
14.5
DUO SHOWS MOON IS THE LIMIT 'ALL BIRDS WILL BE GONE':
FTSE
DAX
7,664
16,177
3.1
0.4
2.8
16.2
9.4
20.7
FOR INDIAN TRAVELLERS MUSK PLANS TWITTER REBRAND
*Change (%) over previous week Source: Bloomberg P U B L I S HE D S I MU L T A N E O USL Y F R O M AH M E D AB AD , B E NG AL UR U, B H O PAL , B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y DE R ABAD, K OCHI, K OL K ATA, L UCK N O W , MUMBAI, N E W DE L HI AN D P UN E

ADANI SELLS 90% IN

FIN SERVICES BIZ TO Banks get 8 mths to Revenue growth of early
BAIN FOR ~1,440 CR
The Adani group has exited the financial
services business by selling its entire 90 per
effect TCS on foreign birds at 10-quarter low
cent stake in Adani Capital and Adani
Housing to private equity firm Bain Capital for
India Inc more dependent on BFSI, IT companies to drive growth

credit card spend

~1,440 crore. The total valuation of the Adani
financial services business stands at ~1,600
crore. Gaurav Gupta, managing director and
KRISHNA KANT
Mumbai, 23 July
REVENUE GROWTH SLOWS SHARPLY
chief executive officer of the Adani firms, will Net sales growth of early-bird firms (YoY change in %)
hold the rest of the stake. Bain will also invest The Q1FY24 earnings season has started on a dismal
an additional ~983 crore as primary capital in note for corporate India.
the company to facilitate its growth. Rule could be implemented The early-bird companies’ revenue growth has
Besides, Bain Capital will also make available been at a 10-quarter low, while the combined earn-
a liquidity line of ~409 crore as non- from next fiscal year ings of non-BFSI (banking, financial services, and
convertible debentures to the firm. 2> insurance) companies seem to have
SHRIMI CHOUDHARY hit the ceiling. The numbers sug-
New Delhi, 23 July gest corporate India is entirely
dependent on BFSI companies

T
he central government has given banks and the IT services sector to
ON and credit card entities six to eight drive growth in revenue and

MONDAY months to put in place the requisite

SPECIALS
BANKER’S TRUST
For how many years
should one run a bank?
The RBI has started showing the
door to those who compromise on
governance, but its patience for
non-performance is still pretty high
TAMAL BANDYOPADHYAY writes
reporting mechanism and related fea-
profit while other sectors are
showing signs of stagnation.
NON-BFSI FIRMS' EARNINGS SHRINK
tures to collect tax at source on international BFSI and IT were the only sec- Net profit of early-bird companies (~ crore)
credit card transactions, a senior bureaucrat told tors that reported earnings growth in
Business Standard. the first quarter. The 220 early-bird companies in
According to the bureaucrat, the plan to the Business Standard sample accounted for nearly
bring overseas credit cards under the Liberalised ON TRACK a third of the combined market capitalisation of all
Remittance Scheme (LRS) has not been listed companies.
n Reporting software to comply with
mothballed and is simply being deferred so that The combined net profits (adjusted for excep-
banks get adequate time to get the system up and the new TCS rule getting prepared tional gains & losses) of all 220 early-bird companies
running. were up 10.7 per cent YoY to ~96,418 crore in Q1FY24
n FinMin provides road map to
15 > The official expects the reporting mechanism from ~87,107 crore a year ago. However, the entire
put in place the modified system
to be ready in the given time, and the rule could gain in earnings was accounted for by big private-
be implemented in the next financial year (2024– n Banks flag n Roll-out of the
sector banks such as HDFC Bank and ICICI Bank BFSI: Banks, non-banking finance companies, and insurance
25, or FY25). “The Department of Economic operational and top IT services firms such as TCS, Infosys, HCL Note: Based on early-bird sample of 220 companies
new rule was put on
Affairs (under the Ministry of Finance) handled Tech, and Wipro. Turn to Page 6 > Source: Capitaline, Bloomberg, Compiled by BS Research Bureau
complexity of hold amid concerns
the issue and held several rounds of talks with
central banks and bankers. Credit card players
implementing raised by banks and
the rule credit card players

TECHNOLOGY 4.0
have also been asked for their input on imple-
menting the said rule,” says another senior official
privy to the discussion. He explains that it requires
the essential software to comply with the new
n Monitoring international spending
and distinguishing between business
PLI incentive outgo could be
How AI is helping medicine
in assisted fertility
rule, along with a disclosure mechanism for
authorised dealers and purposes of tax.
According to sources, the government has
and personal expenses pose challenges

remittances under the scheme, like tour expenses,

The technology helps doctors
by studying massive amounts
of data. It’s useful but involves
ethical concerns
DEBARGHYA SANYAL writes
THE SMART INVESTOR
RIL stock likely to
underperform in near term
The stock of Reliance Industries (RIL),
could remain under pressure after
lower than expected Q1 FY24 results, a
run-up in share price in July.
RAM PRASAD SAHU writes
POLITICS
The problem of being in
the middle
less than ~40,000 cr by FY25
received some suggestions in this respect, includ- has been delayed by three months and will come
ing filing a declaration with the issuer entity into effect on October 1. “Banks have been request- Govt estimates indicate not all 14 FALLING BEHIND
within a stipulated time and specifying the nature ing sufficient time to get their systems updated schemes may have fully taken off Total incentive
of expenses incurred in foreign currency for tax and insert features for effecting tax collected at outgo allocation ~1.97 trn
14 > collected at source levy. source on credit cards. If the road map given by SHREYA NANDI
The Centre is also looking at the issue of the finance ministry to banks is to put in place New Delhi, 23 July
determining tax liability, as it doesn’t have a the modified system from next fiscal year (FY25), (in ~cr)
system to differentiate between personal and it should provide a good runway for banks to The total incentive outgo under the ambitious pro-
business visits. implement the new tax collected at source rules,” duction-linked incentive (PLI) scheme is
In light of lenders raising concerns about the says Sudhir Kapadia, senior tax partner, EY India. estimated to be less than ~40,000 crore 2,874 13,000 23,000
unpreparedness of their reporting systems to roll The government, in its Finance Bill 2023, by the fiscal year 2024-25 (FY25),
out the differential tax collected at source levy for increased the rate of tax collected at source from when it completes the fourth year
multiple categories such as medical, education, 5 per cent to 20 per cent for remittances under of implementation, according to the
and overseas tour packages, the finance ministry LRS. In line with the decision, the government government’s internal estimates.
10 > said in its June 28 notification that it would not issued a notification on May 16 under the Foreign This means only a fourth of the
count international credit card spending towards Exchange Management Act, which effectively allocated ~1.97 trillion is expected to be Expected Estimated
the LRS limit and for this reason would not attract imposed a tax collected at source on international utilised by the end of FY24, indicating Incentive incentive incentive
tax collected at source (TCS). card spends in foreign exchange without any that not all the 14 PLI schemes would have payout payout in payout in
7> Even the new levy of 20 per cent on overseas threshold. Turn to Page 6 > taken off fully. Turn to Page 6 > AJAY MOHANTY in FY23 FY24 FY25

COMPANIES P2
FAME probe creates level HOW VEGETABLE PRICES UPSET HOUSEHOLD CATAMARAN AIMS TO
playing field: EV firms BUDGET THIS MONSOON DOUBLE AUM IN 5 YRS
Leading electric vehicle (EV) makers are
hopeful that the crackdown on companies An average urban individual living in any big city is Catamaran, the family office of
by the Ministry of Heavy Industries for shelling out 84 per cent more due to rising vegetable N R Narayana Murthy, is
violating the phased manufacturing prices, caused by low supplies and limited availability. targeting 15 per cent returns on
programme norms under the Faster With the monsoon continuing to inundate farms, traders its portfolio investments
Adoption and Manufacturing of (Hybrid &) said vegetables would continue to cause some heartburn annually. This would double its
Electric Vehicles (FAME-II) scheme will help in the weeks to come. SANJEEB MUKHERJEE writes 4> assets under management (AUM)
further the indigenisation of the industry to $2 billion over the next
and lead to widespread adoption of EVs. five years. “For direct
investments, we are
COMPANIES P3 G20 ENERGY TRANSITION: 1 STEP AHEAD focusing on growth-
More room for players FOR INDIA, 2 BACK ON CLIMATE ACTION stage investments and
very selectively on
in fintech: Paytm CEO The recently concluded Energy Transition early stage,” said
The Indian fintech ecosystem has room to ministerial meeting under India’s G20 Catamaran
accommodate large players as the market Presidency failed to find a consensus on President
is largely underserved, said Paytm Chief phasing down fossil fuels, clean energy technology, Deepak Padaki
Executive Officer Vijay Shekhar Sharma. and energy transition pathways. SHREYA JAI writes 4> (pictured). 2 >

Barbenheimer aims for ~150 crore box-office

collections, gives multiplexes reason to cheer
Barbie ahead of Oppenheimer in US; India bucks the trend
SURAJEET DAS GUPTA the industry had projected, despite the fact that it
New Delhi, 23 July is not on IMAX where Oppenheimer is being
shown (with higher ticket prices) and has not
Multiplex owners and trade analysts expect been dubbed in any other language.
two English blockbusters, Barbie and While in the US, Barbie is miles ahead of
Oppenheimer — jocularly referred to jointly as Oppenheimer in the box office, India has bucked
Barbenheimer — released on Friday and are the trend. Multiplex owners hope that, after a
expected to make ~150 crore at the box office. long lull caused by the pandemic, the success of
FRENEMIES 105.0 Oppenheimer, directed by Christopher these movies will help film goers get back to
Nolan, is expected to reach ~100 crore but cinemas.
Box office the gap between the two is shrinking because The film industry estimates that the capacity
82.5
collections of Barbie is catching up. utilisation of screens went up as high as 80-85 per
English films in Kamal Gianchandani, chief business cent where these two movies were being shown
2023 (in ~ cr ) 53.5 planning & strategy of PVR (which has merged and in IMAX cinemas, it has been virtually 100
44.0 with Inox) said Oppenheimer’s box office per cent in the last two days, despite ticket prices
32.0* collections were at least twice or more that of of a record ~2,500.
Barbie’s. “But, based on the Saturday and As a result, box office collections of
12.0* Sunday box office trends, Barbie now has Oppenheimer in the first two days have hit over
collections which are around 50 per cent of the ~32 crore while Barbie has made around ~12 crore.
Nolan film,” he said. “The trend of movie goers going back
Barbie Fast X John He said while Oppenheimer has performed despite the monsoon started with Mission
Guardians of Wick 4 according to expectations, which were Impossible, which is a more mass movie but has
Oppenheimer Mission Impossible# the Galaxy Vol. 3 ambitious, Barbie has exceeded expectations. It made ~80 crore in the first week,” said trade
"*for two days; # still in theatres Source: Koimoi, trade analysts
is doing more than 50 per cent more than what analyst Komal Nahta. Turn to Page 6 >
2 COMPANIES
>
MUMBAI | MONDAY, 24 JULY 2023 1

How’s the job market? Applicants spooked, experts differ

A start-up receiving 3,000 job applications in 48 hours reflects how substantial the churn is, with most sectors experiencing two-digit attrition rates
DEBARGHYA SANYAL Singhal, Global TMT Emerging Markets
New Delhi, 23 July n Attrition rates likely Leader at EY, says, “We don’t foresee a

A tweet by Kartik Mandaville, founder and

CEO of HR-tech start-up Springworks, has
re-opened the debate on India’s employ-
ment health. In his tweet, Mandaville said
he had received more than 3,000 resumes
within 48 hours of job openings being post-
ed on his company’s website. He added
that the firm had so far received close to
13,000 applications across 15 to 20 posi-
tions, which included roles in sales and
marketing, the founder's office, tech, etc.
Besides the astounding number,
Mandaville’s tweet came laden with a
question: “How bad is the job market?”
Pretty bad, if you ask applicants.
Business Standard spoke to several
young IT professionals in Gurugram,
Bengaluru, Mumbai and Ahmedabad, all
of whom said they had started applying
to a lot more jobs in the last few months
than ever.
Gurugram-based Gagan Batra (name
changed on request), who was a junior
data analyst in one of India's tech majors,
was laid off in the last week of June. In the
past 20 days, he has applied for more than
300 jobs. “I have applied for any job even
remotely connected to my past roles,
CV
TSUNAMI
ATTRITION RATES
including those for which I am overquali-
fied in terms of experience or education,”
he says. Batra has three years of experience
across two companies, but has applied for
many freshmen positions too. More peo-
ple working in India’s technology industry
have lost their jobs in the first six months
of 2023 than in the corresponding period
in 2022. A total of 10,774 people have been
laid off in the first six months, according
to Layoffs.fyi, a website that tracks job cuts
in the tech sector. This is nearly two-thirds
more than the 6,530 jobs lost over a similar
period in 2022.
Tanya Singh, an employee at a
Bengaluru-based health tech start-up, has
already started applying for jobs in other
29.17% 20.09%
IT sector Education
services
firms in the sector. “While we enjoy hand-
some pay packages and perks, the start-
up recently saw a cut in its funding and
we are anticipating either a mass layoff or
massive pay cuts,” she says. “It’s better to
move on now. Several of my colleagues
and friends working in other start-ups
have adopted this strategy.” Recruitment
agencies are a prime witness to this trend.
Amitabh Mukherjee, a senior talent scout
at a recruitment and professional coun-
selling firm based in Saket, New Delhi,
says that the number of applicants seeking
their services has tripled over the past six
weeks. These services include polishing
CVs, identifying the right job fit, and inter-
view preparation. “Candidates are quite
16.20% 14.11%
E-commerce and Healthcare and
allied start-ups pharmaceuticals
Source: TeamLease Employment Outlook report Q1FY24
panicked by the current job market,” he
says. “And with an increase in the volume
of applications, rejection letters are also
piling up.”
Sumit Sarabhai, business head of the
Emerging vertical at TeamLease Services,
agrees that despite the significant expan-
sion in various sectors, competition for
jobs has increased, as has the attrition rate.
“A significant factor contributing to can-
didates' challenges in securing positions
is the prevailing skill gap,” he says.
Among industries, the IT sector stands
out with the highest attrition rate at 29.17
per cent, according to the TeamLease
Employment Outlook Report Q1 FY24.
“The Indian IT industry faces a high attri-
to come down by 3-
5% over rest of the
year, say experts
n In first 6 months of
10.59% 2023, IT industry laid off
Telecom two-thirds more
people than it did in
this period in 2022
tion rate due to various reasons: limited
career growth; lack of recognition and
rewards; unhealthy work environments;
and better paying options in other sec-
tors,” Sarabhai explains.
Other sectors, too, are experiencing
two-digit attrition rates. The TeamLease
report noted, for instance, that e-com-
merce and allied start-ups are facing 16.20
per cent attrition rate, while telecommu-
nications follows closely at 10.59 per cent.
Healthcare and pharmaceuticals grapple
with 14.11 per cent attrition rate and edu-
cation services 20.09 per cent. A few indus-
try experts, however, believe that the tur-
bulence in the job market is mostly at an
end and things are settling down. Prashant
major effect on the larger employment pic-
ture. Even attrition rates seem to be sta-
bilising. While there was a bit of a lull in
the last year, we are gradually getting out
towards a more robust job market.”
Anandorup Ghose, partner at Deloitte
India, agrees: “The last few months have
seen the businesses adopting a more cau-
tious approach with a large number of tech
players right-sizing their organisation. The
overall attrition for this year is effectively
lower by 3-5 per cent, fuelled by the dip in
demand and the workforce restructuring
that is currently underway.” Meanwhile,
with candidates struggling to stay ahead
of the rising competition and the changing
demands of jobs in their sectors, recruit-
ment agencies, talent acquisition firms
and hiring professionals are seeing a high
demand for their services.
“High attrition results in a larger pool of
candidates seeking new job opportunities,”
says Sarabhai. “This allows recruitment
agencies and talent acquisition firms to
access a more diverse range of potential
candidates to match with the job openings.”
Organisations, too, would be spoilt for
choice. Mandaville’s experience is a case
in point.

IN BRIEF
PM to inaugurate Semicon Bain to buy 90% stake in FAME probe
India 2023 on July 28
Prime Minister Narendra Modi will inaugurate ‘Semicon India Adani Capital for ~1,440 cr creates level
playing field
2023’, a premier showcase of India’s semiconductor capabilities
and chip design innovation, on July 28 at Gandhinagar. With the
participation of companies like Foxcom, Micron, AMD, IBM, To invest additional ~983 cr, make available a liquidity line of ~409 cr as NCDs
Marvell, Vedanta, LAM Research, NXP Semiconductors,

for all: EV cos

STMicroelectronics, the event will shine a light on India’s rapid DEV CHATTERJEE
strides towards fostering global semiconductor manufacturing
and design ecosystem.The event will offer deep insight into
Mumbai, 23 July $1.1 bn Mundra unit to
start ops from Mar 2024
T
cutting-edge technologies and innovations in chip-making. PTI he Adani group has exited the
financial services business by sell-
ing its entire 90 per cent stake in Gautam Adani-led group’s copper- NITIN KUMAR
Adani Capital and Adani Housing to pri- producing factory at Mundra in Gujarat will
Affordable home sales drop vate equity (PE) firm Bain Capital for start operations from March next year,
New Delhi, 23 July

~1,440 crore. helping cut India’s dependence on imports Leading electric vehicle (EV)
18% in seven cities: Anarock The total valuation of the Adani finan- and aiding energy transition, sources said. manufacturers are hopeful
cial services business stands at ~1,600 Kutch Copper (KCL), a subsidiary of the that the crackdown on com-
Sales in the affordable housing category — priced below ~40 crore. Adani Enterprises (AEL), is setting up a panies by the Ministry of
lakh — declined 18 per cent to 46,650 units in the January- Gaurav Gupta, managing director greenfield copper refinery project for the Heavy Industries for violating
June period across seven major cities amid lower supply and a (MD) and chief executive officer (CEO) production of refined copper. PTI the Phased Manufacturing
rise in mortgage rates, according to Anarock. Sales of of the Adani firms will hold the rest of Programme (PMP) guidelines
affordable homes stood at 57,060 units in the corresponding the stake. under the Faster Adoption
period of the previous year. The total housing sales increased Bain will also invest an additional ~983 and Manufacturing of (Hybrid DRAWING
to 2,28,860 units during January-June this year from 1,84,000
units in the year-ago period. PTI
crore as primary capital in the company
to facilitate its growth. Besides, Bain
Offering necessary assistance to &) Electric Vehicles (FAME II)
scheme will help further the CONTRAST
Capital will also make available a liquidity
line of ~409 crore as non-convertible
debentures (NCDs) to the company.
Adani Wilmar: Jumbotail on FIR indigenisation of the industry
and lead to widespread adop-
tion of EVs in the country.
OEMs FOUND
VIOLATING PMP NORMS
n Hero Electric
Gautam Adani, chairman, Adani B2B e-commerce firm Jumbotail on Sunday said it is offering all necessary assistance A majority of automotive
A-I’s T’puram-Dubai flight Group, said Gupta and his team have not to identify vendors from whom counterfeit Fortune brand oil products were shipped (auto) manufacturers say that n Okinawa Autotech
only built a financial services business to its warehouse. Edible oil major Adani Wilmar has lodged a police complaint the clampdown on original n Ampere by Greaves
returns due to AC glitch with focus on the underserved in semi- against Nexus Venture and Kalakar Capital-backed Jumbotail for allegedly equipment manufacturers n Benling India
urban and rural India but has also valu- distributing counterfeit products in the name of its “Fortune” brand. “As soon as we (OEMs) selling Chinese prod-
An Air India Express flight from Thiruvananthapuram to Dubai ably contributed to the group. received their communication we checked our systems and proactively shared the ucts by mis-labelling them as n Revolt Motors
returned on Sunday, barely a couple of hours after take-off, due to “I am very happy that a credible details of stock available in one of our locations. Based on our information they Indian has created a level n AMO Mobility
an issue with the air-conditioning system of the aircraft, airport investor like Bain is stepping in now and visited our location to inspect the stocks. We continue to offer all assistance to the playing field for indigenous n Lohia Auto
officials said. The flight, IX 539, which took off with 178 people this will help the business grow mani- Adani team to identify the source of the vendors from whom the products were players.
onboard — including the crew — at 1.19 PM returned back and fold,” Adani said. procured,” a spokesperson said. The law enforcement authorities conducted a raid OEMs with deep pockets
landed safely at 3.52 PM, an airport official said.”The plane landed “Gaurav and the team have built a at Jumbotail's warehouse and found alarming amount of counterfeit products. PTI were gaming the system by OEMs FOUND NOT
safely. All passengers and crew are fine. A local standby was scale lending business that supports cataloguing their Chinese VIOLATING PMP NORMS
declared. It was an AC issue,” the official said. PTI entrepreneurialism and is trying to solve ence partnering with financial services shares our vision of making affordable imports as home-grown to n Okaya EV
the $300 billion+ unmet retail MSME businesses in India and across the globe.” finance available to our customers with take advantage of government
(micro, small and medium enterprises) “It has been an extraordinary six a strong focus on customer literacy and incentives meant for locally n Kinetic Green
credit demand in the country. The com- years; to have the capital, a strong brand education. With Bain committing ~1,000 manufactured EVs. n Jitendra New EV
Local assembly of EVs in India pany has strong business fundamentals, and, more importantly, the freedom to crore in the company, we are now The investigation has n Thukral Electric
an experienced team, with the ability to build a business is perhaps unprece- equipped to grow 4x from here,” he said. instilled faith in players who
just a matter of time: BMW serve and expand to core segments like dented. And for this, I thank Gautam The company will undergo a brand- were adhering to high-quality
n Avon Cycles
n Victory Electric
agriculture, housing and to under- bhai for the opportunity and his faith in ing change with Adani’s exit. domestic products, observe
German luxury carmaker BMW will locally produce its electric banked rural areas,” said Rishi me,” said Gupta. The Adani group, on the other hand, auto manufacturers.
vehicles in India, and it is just a matter of time as the company’s Mandawat, partner at Bain Capital. “Our aim has always been to support plans to focus on its core business of “The FAME II scheme
vehicles continue to gain traction in the market, according to a He added, “We see compelling oppor- micro entrepreneurs and first-time infrastructure and prepay debt — both aimed at creating an EV
senior company official. BMW, which saw 9 per cent of its sales in tunities to partner with Gaurav and the homeowners in Bharat and to be the at the promoters’ level and at the listed- ecosystem in the country. “The investigations were
India coming from EVs in the first half of 2023, expects to reach up team to facilitate Adani Capital’s next most economical and convenient lender entities level. Instead of bringing invest- conducted in an ad hoc and
to 25 per cent by 2025. “As the volumes grow, as we have done phase of growth. This is by providing to our customers by leveraging technol- The group is currently busy commis- ment, employment, and tech- unscientific manner, and their
with every other product, we will localise them, and produce access to significant capital, strategic and ogy. The team and I are pleased to wel- sioning the Navi Mumbai airport project nology, some OEMs focused reliability might be compro-
them (locally),” said BMW Group India President Vikram Pawa. PTI operating resources, and deep experi- come a partner like Bain Capital, which and Ganga expressway projects. on buying cheap raw materi- mised due to data being
als from China. The crack- obtained from a stolen
down has led to a more self- source,” says a spokesperson
reliant and indigenised EV for Hero Electric.

Catamaran aims to double AUM, eyes larger deals market,” says Sanjay Popli,
chairman, Victory Electric.
Victory Electric was one of
the 13 OEMs under the min-
Benling India echoes Hero
Electric’s statement, saying,
“Investigation has been car-
ried out without technical
ARYAMAN GUPTA Amid an ongoing government everybody is starting afresh. This has Paper Boat, online learning Byju’s, have led investors to start istry’s PMP violation basis.” Although Hero
New Delhi, 23 July push for manufacturing and levelled the playing field for marketplace Udemy, and video- hedging their bets, conversations probe. The Electric and
increased investor interest for everyone. We will see a lot of good sharing platforms Dailyhunt and around proper governance among Bahadurgarh-head- Benling India
Catamaran, the family office of Infosys deeptech, the investment firm is ideas emerging from this space.” Josh. It has also taken bets in the likes start-ups have been on the rise. quartered firm was question the
founder NR Narayana Murthy, is tar- betting big on these sectors to achieve These investments would be in of Elon Musk’s SpaceX and the “It (corporate governance) has given a clean chit by investigation pro-
geting 15 per cent returns on its port- its growth targets. series B and beyond rounds, where National Stock Exchange (NSE). been at the forefront for us since the the ministry last cedure, all those
folio investments annually as it shifts “Traditionally, manufacturing is investments would be co-led “Our focus on evaluating exit beginning. One of the things about month. Not just who have received
focus from early-stage investments to not a sector that has seen much VC alongside other backers. options has increased – whether in family offices, in particular, is Victory Electric, but five a clean chit say the
growth and late-stage bets. This would (venture capital) interest due to the Padaki said that each of funds or companies. Also, we look for reputation protection. There is a others — Okaya EV, Kinetic investigation was thor-
double the firm’s assets under man- long-gestation periods,” said Padaki Catamaran’s bets will vary, correct assessment of TAM (total strong focus on basic principles,” Green, Jitendra New EV Tech, ough and based on documents
agement (AUM) from $1 billion to $2 He added, “We must build the depending on the opportunities addressable market) and said Padaki. Thukral Electric Bikes, and submitted by them.
billion over the next five years. manufacturing ecosystem. Like IT presented. “We do not differentiators in the offerings, Whether it’s a public or Avon Cycles — have also “Investigation was done in
“For direct investments, we are services was one big wave in the past, compartmentalise our investments. avoiding a ‘me-too’ offering,” private company received certificates of exoner- our presence. The
focusing on growth-stage the next big wave in India should We may invest anywhere from ~20-25 said Padaki. investment, Padaki ation from the government. International Centre for
investments and very selectively on come from manufacturing. An crore, up to ~400 crore, depending on Family offices have added that Catamaran Although the government Automotive Technology
early stage,” Deepak Padaki investment firm like us can better the opportunity,” he said. increased their investments in has a long check-list. It has absolved those found not (ICAT) brought vehicles from
(pictured), president, Catamaran, support that vision.” “Unlike a traditional VC fund, the Indian start-up ecosystem includes related-party in breach of norms, it has sent our existing customers and
told Business Standard. Within the manufacturing space, there is no hard allocation. This gives over the past few years. transactions, who the recovery notices adding up to did a strip-down test. Each
“(This is) primarily because the the firm will focus on sub-sectors us more flexibility to meet our According to an empaxis auditor is, who is on ~469 crore to those found product was selected random-
early-stage space in India, in the last such as electronic manufacturing objectives based on the actual report, India has close to 300 the board, and what is using imported parts. A total ly and checked with the
three-four years, has completely supply chain, electric vehicle (EV) opportunities.” family offices, with an average the risk governance, of seven firms — Hero invoices we provided,” says
changed. There has been a huge component supply chain and The Bengaluru-based firm, which AUM of $100 million. among other Electric, Okinawa Autotech, Jitender Thukral, co-founder,
influx of capital in the last two years. It renewables. “The manufacturing of began its operations in 2009, Corporate governance, parameters. Ampere EV by Greaves, Thukral Electric Bikes.
has become a very crowded space for tomorrow is a little different. There is previously entered into a joint among its portfolio Benling India Energy and Rajesh Sabharwal, general
early-stage investment,” he said. a lot of technology usage and venture with e-commerce major companies, has also Technology, Revolt Motors, manager of e-bike sales, Avon
Padaki, who has been with Infosys automation now, where we think we Amazon to run Prione Business been a priority for AMO Mobility Solutions, and Cycles, resonates with
for over 30 years, was appointed can leverage our technology Services. Its wholly-owned the firm. Lohia Auto — have been sent Thukral’s words, saying, “ICAT
Catamaran’s president in 2022. The ecosystem,” he added. subsidiary Cloudtail India was one of While cases such notices. not only checked our invoice
Bengaluru-based firm has a team of 15. Catamaran’s deeptech bets will Amazon’s largest sellers in the like BharatPe, Although Revolt has but also contacted our cus-
“We are targeting all the asset primarily focus on emerging country. The e-commerce major later GoMechanic, agreed to repay the ~44 crore tomers for their reviews. Those
classes, be it private or public technology, such as artificial bought out Catamaran’s stake in the Trell, Zilingo, and it had claimed under the who have done nothing wrong
markets. The focus right now in the intelligence (AI). company in 2021. most recently, scheme, others like Hero have been given a clean chit.”
private sector is to identify Padaki said, “AI has become a Catamaran has backed promising Electric and Benling India
opportunities in the manufacturing great leveller. The opportunity in AI start-ups across sectors like B2B DEEPAK PADAKI questioned the government’s more on www.business-
President, Catamaran
realm,” he added. and deeptech is huge because platform Udaan, beverage brand testing mechanism. standard.com

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>
MUMBAI | MONDAY, 24 JULY 2023 COMPANIES 3

Threads alert to Musk stays TN okays proposals

worth ~6,000 crore
but downloads fall steeply BS REPORTER
Chennai, 23 July
electric vehicle (EV) chargers
and solar microinverters,
among others.
At 32%, Twitter rival sees highest number of downloads from India The government of Tamil The proposals cleared by
Nadu has given its nod to 10 the state Cabinet include one
SURAJEET DAS GUPTA 22 July, it fell even more steeply to num- investment proposals worth in electronics, two in the EV
New Delhi, 23 July ber 34 in the rankings. However, it has
maintained its number 1 slot among new THREAD COUNT ~6,000 crore, including one segment, three in general
by the world’s manufactur-

I
ndian users of the new rival to apps till today. While Threads has been Overall rank (based on downloads) largest produc- ing, two in tex-
Twitter, Mark Zuckerberg’s Threads, the fastest app ever to hit 150 million in er of mobile Major players tiles and two
comprise the largest chunk (32 per just six days globally (the earlier record
DATE ACROSS ACROSS phone chargers who got global capabil-
cent) of the total global downloads of the was Pokemon GO in 33 days), the initial GENRES NEW APPS Salcomp Plc, clearance include ity centres.
new app, according to the latest data from spike in euphoria seems to be fading and July 7 1 1 which is also a Pfizer, Godrej The other
data.ai (earlier known as App Annie).
Twitter’s CEO Elon Musk is currently
usage has fallen sharply.
In India, though it is going strong with
July 15 1 1 leading suppli-
er to Apple.
Consumer
Products, and
major players,
who reportedly
Reliance Retail plans to revamp 150
facing a huge challenge from Threads about 48 million downloads till 12 July, July 16 4 1 Earlier this Schneider Electric got clearance, Trends stores with new-age features
which was launched by Zuckerberg, the giving Threads nearly double the cus- July 20 25 1 year, the include Pfizer,
Reliance Retail said it is re- tract customers of younger
founder of Meta, on 6 July in India to tomer base of Twitter which has an esti- July 22 34 1 Finland-head- Godrej
take on Twitter, which has been floun- mated 25 million active users. quartered firm had Consumer Products, French vamping Trends fashion generations.
dering ever since Musk bought it for $44 Data.ai says India is the second largest Note: Data is ranking across all free apps on
announced a ~1,800-crore major Schneider Electric and stores across the country by It is revamping around 150
Google Play Source: data.ai
billion last October. The Indian down- market for Twitter in terms of lifetime investment plan for India an electric vehicle invest- adding contemporary and Trends stores pan-India with a
load percentage of 32 per cent is way downloads and monthly active users. over the next three years. ment in the Hosur- tech-enabled features ranging new brand identity. The stores
ahead of the number two country Brazil Meta is helped by the fact that it owns This was as part of its strate- Krishnagiri-Dharmapuri from self-checkout counters will have a new look and will
with 22 per cent, the US with 16 per cent, Instagram. Instagram account holders gy to expand presence in (HKD) industrial belt. to electronic shelf labels to at- be opened shortly. PTI
Mexico with 8 per cent, and Japan with 5 can easily create a Threads profile and
per cent. The estimates are from data.ai use the same password. There are over
based on 12 July numbers. 229 million Instagram users as of January
As of 10 July, there were 100 million 2023. This means a large customer base
downloads of Threads according to Meta that can try out the new app. In addition,
but data.ai says it hit over 150 million by WhatsApp (also owned by Meta) has
12 July across all platforms. 487.5 million active users who can also
Musk can seek some solace in the fact be leveraged to popularise Threads.
that Threads’ ranking in the pecking Global reports suggest that user
order of the list of most downloaded apps engagement on Threads has seen a fall
in India across genres has fallen steeply. after the initial few days. This has led
Again, based on data.ai figures many analysts to suggest that it should
between 7-15 July, Threads was top of the have more features if it wants to take on
IMAGING: AJAY MOHANTY

charts for the most downloaded app in the established Twitter.

the country, both in the category of free
apps as well as new apps across all cate-
gories on Google Play.
Yet from 16 July, Threads started slip-
ping and its ranking fell to number four.
By 10 July, it dropped to number 25. By
Meta has said it is developing more
features which will be available soon
such as support for multiple accounts,
enabling consumers to edit their posts,
and having the feed shown chronolog-
ically.

More misses than hits hint at

uncertain times for IT firms
SHIVANI SHINDE
Mumbai, 23 July
The first-quarter perfor-
mance of top IT services play-
ers, as well as mid-cap firms,
has been subdued, reflecting
macro uncertainties.
The numbers of the top
four firms show several miss-
es, hinting at difficult times
ahead.
One mismatch is the total
contract value (TCV) signed
by the firms and the revenue
growth registered.
The top four IT players
got some of the best TCVs
signed in the fourth quarter
of FY23 as well as the first
quarter of FY24. But these
are not reflected in the rev-
enue.
Tata Consultancy
Services (TCS) signed TCVs
worth $10 billion and $10.2
billion in the Q4FY23 and
Q1FY23, respectively.
However, revenue growth in
Q1FY24 was flat or saw a
mere increase of 0.3 per cent.
Infosys had the same nar-
rative. The Bengaluru-head-
quartered firm had large
TCVs of $2.1 billion in
Q4FY23, but revenue growth
for Q1FY24 was 1.3 per cent.
While the numbers do not
give a rosy picture, neither
does the commentary from
the managements. Despite
being repeatedly asked, K
Krithivasan, chief executive
officer and managing direc-
tor, TCS, did not give a clear
response as to when this
TREADING CAUTIOUSLY
n Q4FY23 TCV n Q1FY24 TCV* ($ billion)
0.3
Q1FY24 revenue growth (%) QoQ
10 10.2 -1.5
4.1
3.7
1.3
2.3 1.2
2.1 2.07
1.56
TCS Infosys HCLTech Wipro
* TCV: Total contract value
uncertainty would go. enues seems obscure, mainly
A report by Nirmal Bang led by lower volumes, deci-
on the demand commentary sion making delays, defer-
after the results analyst call ment of ramp-ups in closed
said: “The delay of projects deals and spending cut in
is a broad-based issue and discretionary (digital/trans-
not related to any specific formational deals) likely con-
industry. It also indicated tinuing in Q2," said the Elara
that it is not sure of a 2HFY24 Capital report.
pick-up at the moment and What has spooked the
will be able to comment on markets and analysts is the
this only after 2QFY24.” drastic reduction in revenue
According to an HDFC growth guidance by Infosys.
Securities report, the current The company now expects
disconnect between growth revenue to grow 1-3.5 per
in bookings and the soft rev- cent in FY24 from 4-7 per
enue rise is largely due to the cent it had said earlier.
impact on discretionary ser- The Infosys management
vices. Similarly, an Elara did say that it had won large
Capital report on Infosys deals but revenue from these
brings forth the issue as well, deals would come towards
"However, visibility on such the second half of the year.
deals transitioning to rev- “FY24E revenue growth
at mid-point of the guidance
is going to be one of the
weakest ever for Infosys
since FY01 (except for the
years of global financial cri-
sis [2008-10] and even worse
than the Covid year of FY21).
This is despite there being no
hard recession in either of
the key geographies of the
US and Europe …,” said
Sumeet Jain and Aditi Patil
of ICICI Securities in their
report.
In the case of HCLTech,
though the management is
confident of a turnaround
and did not change its guid-
ance, analysts are not as
bullish.
“(Management) confi-
dence is on back of a record
pipeline which they expect
to convert to revenue quick-
er. We believe there is risk of
the company not able to
deliver revenue growth with-
in the guided range on
account of a) weaker discre-
tionary spend, b) soft deal
wins in Q1, c) risk of further
ramp downs or deferment of
projects given uncertainty
and d) pipeline to revenue
conversion may take longer
than expected,” said a report
from PhillipCapital.
The other issue that is
worrying the street is the
headcount decline. Though
the market was expecting
attrition to come down and
it had to be brought down to
pre-pandemic levels, the net
decline on employee addi-
tion has been very sharp.

More room for players in

fintech space: Paytm CEO
Comments come after Jio’s entry into lending business
AJINKYA KAWALE
Mumbai, 23 July
The Indian financial tech-
nology ecosystem has room
to accommodate many large
players as the country's
market is largely under-
served, said Paytm founder
and chief executive officer
(CEO) Vijay Shekhar Sharma
during an analyst call.
Sharma was responding
to a question on Reliance
Jio's entry into the lending
business. "We believe that
the coun- try's opportu-
nity is so underserved…
many big players, from dis-
tribution to book ownership
to large institutes, have (an
opportunity)," said Sharma.
He added that the
industry requires
more people who
will be able to serve
small customers in
the country. "There will be
an opportunity for everyone
to coexist and expand. The
best part is there is no win-
ner takes all," he noted.
Paytm, the only listed
payments fintech in India,
in its first quarter results,
announced that its revenue
from operations jumped 39
per cent year-on-year (YoY)
to ~2,342 crore.
The company's revenue
from payments rose 31 per
cent YoY to
~1,414 crore,
whereas its
revenue
from
financial
services
recorded a 93 per cent YoY
surge to ~522 crore.
The company trimmed
its losses to ~358.4 crore. It
had posted a loss of ~645.4
crore in the previous year.
"Driven by an increase in
merchant subscription rev-
enue, jump in gross mer-
chandise value (GMV), and
growth in loan disburse-
ments, the company's
strong growth momentum
continues," said Paytm.
Sharma's comments
come in the backdrop of Jio
Financial Services' (JFS)
demerger from Reliance
Industries. One of the
biggest demergers in India's
corporate history in terms
of value, it made JFS the
third biggest non-banking
financial company (NBFC),
Business Standard report-
ed on Friday.
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | MONDAY, 24 JULY 2023 1

IN BRIEF
EEPC: Engineering exports
How veggie prices upset household budget this monsoon
SANJEEB MUKHERJEE Survey, the latest available) has risen by
see mixed fortunes in June New Delhi, 23 July nearly 84 per cent in the last one month
(from June 22 to July 23).
India’s engineering exports to major markets like the United
States, the European Union (EU) and China continued to decline in An average urban individual living in This could have a cascading impact WHAT A TRIP TO THE VEGGIE MARKET COSTS
June 2023, reflecting a challenging global trade environment, EEPC Delhi might be shelling out at least 84 on overall food inflation but more
per cent more due to rising vegetable importantly on household budgets. PRICE IN ~/KG EXPENSES
India said. The decline was led by a sharp fall in exports to the US,
EU, and China, it said. The country’s shipments to West Asia and prices, caused by low supplies and The prices of spices and pulses, Vegetables 22-Jun 23-Jul Per capita 22-Jun 23-Jul % change#
North Africa (WANA), North East Asia, and CIS countries, however, restricted availability. along with wheat and rice, are on an consumption in
showed positive growth during the same period, the Engineering With the southwest mon- upswing since the last few 30 days (in kg)*
Exports Promotion Council of India (EEPC) said. Meanwhile, an soon continuing to inundate With monsoon months, all of which have a
fields and farms in major
Potato 12.15 12.66 1.612 19.58 20.4 4.19
almost threefold increase in engineering exports to Russia still inundating significant impact on the Onion 11.44 15 0.951 10.87 14.26 31.19
reached a substantial $116.9 million in June 2023. PTI growing centres, traders said fields and monthly budget of an aver-
the situation may not change farms in major age Indian household. Tomatoes 21.2 65.2 0.806 17.08 52.55 207.67
in a hurry and vegetables will growing In the case of rice, which Brinjal 11.2 30 0.358 4 10.74 168.50
FPIs stay invested in equities; continue to cause some heart-
burn in the weeks to come.
centres, traders is among the largest con-
sumed cereal in the country,
Raddish 10 11.25 0.14 1.4 1.57 12.14
said the
put in ~43,800 cr this month The price is impacting
other urban and rural centres
situation may an official statement last
week said that prices had
Carrot
Green chillies
11.33
20.8
16.67
33.6
0.153
0.166
1.73
3.45
2.55 47.40
5.57 61.45
not change in
Indian equity markets continue to draw foreign portfolio as well. In the case of toma- a hurry increased by over 11.5 per Parwal 22.5 20 0.106 2.38 2.12 -10.92
investments as foreign investors put in ~43,800 crore in July so far toes, efforts to control prices cent over a year, and three Pumpkin 7.5 15 0.281 2.1 4.21 100.48
on stable macroeconomic fundamentals, steady earnings growth have started bearing fruit and per cent over the past one
Cabbage 3 9.33 0.271 0.81 2.52 211.11
and challenges faced by the Chinese economy. With this, inflow in prices in the last few days have dropped month as on July 20. Another factor
the equity market reached ~1.2 trillion so far this year. Market from around ~81 per kg in the Azadpur that has added uncertainty to food Total 63.4 116.49 83.74
analysts are of the view that the outlook for FPI inflows into Indian wholesale market of Delhi to around prices is the cessation of black sea grain Note: *According to NSS’ Household Consumption of Various Goods & Services in India (urban areas) for 2011-12. This is the last such officially
equities remains quite bright and broad-based. PTI ~65 per kg. deal by Russia. available survey; per person monthly expenditure in ~; #change between June 22 and July 23; the prices are wholesale prices at Azadpur
Mandi in Delhi according to agmarknet.gov.in. Sources: MoSPI, Agmarknet.gov.in, others
But compared to a month ago, the The ending of the deal has already
rates are still over 207 per cent more. pushed up global wheat prices and
An analysis by Business Standard on could threaten food security in import-
‘IAF asks Dassault to integrate the basis of available data sets and con- ing nations. India has comfortable
sumption pattern shows that on an aver- wheat stocks, but if global prices move
Indian arms on Rafale jets’ age, the expenditure of an urban indi- higher then its own ability to import at
vidual on select vegetables (taken from lower rates to tame domestic inflation
The Indian Air Force (IAF) has asked French firm Dassault Aviation the list of those whose per capita per would get limited.
to integrate indigenous weapons like Astra air to air missiles on month consumption is mentioned in In the case of edible oil, the impact
the Rafale combat aircraft, according to news agency ANI. The 2011-12 Consumption Expenditure has already started to show.
Rafale is used by many countries including India, France, Egypt,
Qatar, and many others such as Greece, Croatia, the UAE, and
Indonesia, have placed orders for these planes. AGENCIES

E-auction of 808 FM radio

stations soon: Anurag Thakur
One step forward for India, ‘World’s balance
sheet should be
The government will soon conduct an e-
auction of 808 FM radio stations across 284
cities to further increase the footprint of radio
communication, Information and
two back on climate action
SHREYA JAI The ‘High Level Voluntary
used to actually
push resources’
Broadcasting Minister Anurag Thakur said on Goa, 23 July Principles on Hydrogen’ drafted by
Sunday. Addressing the Regional Community India was made part of the
PM may inaugurate PRESS TRUST OF INDIA

T
Radio Sammelan (North), Thakur said the he recently concluded Outcome Document of the Energy New Delhi, 23 July
government has also eased the processes for Energy Transition minis- Transition Ministerial.
getting a license to operate radio stations. PTI terial meeting under It called for free and fair trade
India’s G20 Presidency failed to of hydrogen produced from zero
find a consensus on phasing and low emission technologies and
redeveloped ITPO India’s G20 Sherpa Amitabh Kant has said that
climate finance is a very critical issue and called
for a simultaneous action from all stakeholders

Power consumption grows down fossil fuels, clean energy its derivatives such as ammonia in
technology and energy
transition pathways.
line with WTO rules.
Low emissions
venue for G20 meet on the issue. “If you are trying to be ambitious on
climate action, then there has to be a simultaneous
action on finance. It can’t be that the developed
1.8% in April-June quarter For India though, would mean hydrogen world asks us to be ambitious on climate action
the language around produced using gas and then cuts down on climate finance; that’s not
Power consumption grew marginally by 1.8 per cent year-on-year hydrogen, fossil fuel and coal would also be possible,” Kant told PTI
to 407.76 billion units in the April-June quarter, mainly due to and its abatement fur- considered. Kant also pointed
unseasonal rains, the Biparjoy cyclone and heavy Monsoon thers its own energy THE INDIA There was no consen- out the need for private
downpours, according to the government data. The Central transition plans. FOOTPRINT sus on the language on sector lending to
Electricity Authority (CEA) data showed that the power Several climate fossil fuels. address the challenge.
consumption was 400.44 billion units (BU) in the April-June experts and G20 It is learnt that Saudi “And it’s not the bal-
quarter in 2022. PTI observers, however, said the out- Arabia, South Africa and France ance sheet of the mul-
come statement goes away from cli- opposed for phase out of unabated tilateral development
mate commitments made in the fossil fuels. banks. But the balance
Hindustan Zinc keen to join Paris Climate Summit and Bali The chair summary has high-
Energy Transition Roadmap lighted all arguments on dirty fuels.
sheet of the world has
to be used to actually
lithium auctions: CEO Mishra released last year. The summary emphasised on
Several government officials the importance of phasing down of
push resources because
even if you use the bal-
Hindustan Zinc Ltd (HZL) is keen to acquire lithium assets as and and R K Singh, the unabated fossil ance sheet of the World
when they are put on the block for auctions, chief executive officer power minister, fuels and the use of Bank, it will not help IF EMERGING
Arun Mishra said. Lithium reserves of about 5.9 million tonnes emphasised the HITS & MISSES different approach- PHOTOS: PTI you,” he said. MARKET GROWTH IS
GOING UP BECAUSE
have been identified in Salal-Haimna areas of Reasi district in outcome of G20 Consensus es to manage emis- Kant noted that
Jammu and Kashmir for the first time in India. Auctions of the said sets the tone for the sions from the fos- The redeveloped complex cum-Convention Centre there is no shortage of OF YOUNG
reserves are likely to be held in December. The J&K administration upcoming COP28 Doubling rate of sil fuel sector. of India Trade Promotion in the national capital. money in the world, DEMOGRAPHICS,
is also in the process of appointing a transaction advisor. PTI where India will be energy efficiency The summary Organisation’ s (ITPO) The total cost of the adding “there is $ 350 YOU NEED MORE
the voice of the Increasing pace of energy underlined emerg- Pragati Maidan, which project is ~2,254 crore. trillion available with RESOURCES TO FLOW
demands of the access and transition ing technologies will host India's G20 With a campus area of the private sector, $150 TO EMERGING
Global South. such as electrolyz- trillion is available with
HDFC Bank expects 17-18% “We had a com- Free and open trade of ers, carbon capture
low/zero emission hydrogen and storage, fuel
leaders meetings in
September, will be
about 123 acres, the
complex will be one of institutional investors
MARKETS…. BUT
THE REVERSE IS
plete agreement on and the private sector
credit growth this year 22 out of 29 para- Mature clean energy tech, cells, battery stor-
inaugurated on July 26,
the commerce ministry
the largest MICE
(Meetings, Incentives, with pension funds.” HAPPENING
graphs, with 7 including carbon capture age, biofuels, as “But they will not invest
HDFC Bank expects 17-18 per cent loan growth during the current said on Sunday. The Conferences, and AMITABH KANT
included in the
financial year as there is enough credit demand. “On an overall Critical mineral supply chain well as, small mod- complex is likely to be Exhibitions) destinations,
where the risks are very
India’s G20 Sherpa
basis, we are confident that there is enough credit demand. It is for chair summary. We ular reactors high. Now the chal-
felt that access to Disagreements (SMRs) as tools of
inaugurated by Prime the ministry said. The lenge is that you have
us to see which one we want and what time we start to build in,” Minister Narendra Modi. ministry said that at level
HDFC Bank Chief Financial Officer (CFO) Srinivasan Vaidyanathan energy is a major energy transition. different risks for different countries,” he said
Abatement of fossil fuels In January 2017, the 3 of the complex, a 7,000
said in a call with analysts. PTI aspect to be looked Additionally, while highlighting different interest rates in dif-
at by the world Low emission development the summary also government approved seating capacity ferent parts of the globe.
community,” Singh Tripling renewable diluted the propo- the proposal of ITPO for convention centre has Delving into challenges facing the developing
said in the post sition of tripling the redevelopment of been developed. The G20 countries or the Global South, Kant said the inter-
Now, govt officers can retain ministerial press
conference.
energy capacity
Zero and low emission
renewable energy
capacity and had
Pragati Maidan by setting
up of a world-class
Leaders’ Summit is set to
take place in Delhi on
national financial architecture is weighed against
emerging markets though the growth is coming
mobile, laptop after 4 years “On several technologies made it clean ener- Integrated Exhibition- September 9-10 PTI from them. “That growth is coming from emerg-
fronts, India’s No new statement gy technologies. ing markets because of young demographics,
Central government officers will be entitled to mobile, laptop or stand has been on Ukraine “The highly whereas there’s an aging population in the
similar devices costing up to ~1.3 lakh, which can be retained by reflected showing contentious nego- Western world and that’s happening in the last
them for personal use after 4 years. The finance ministry’s that our transition tiations show how decade and half,” he said. “The growth in the
Expenditure Department listed out the guidelines in this regard. efforts have global recognition. the stakes to deliver on Paris targets developed world is coming down and emerging
Earlier, the cost of such devices was capped at ~80,000 and there India's push to have fossil fuels are becoming increasingly fraught markets’ growth is going up. So, if emerging mar-
was no provision for retention of devices for personal use. PTI included in the phase out rather with national interests. Some coun- ket growth is going up because of young demo-
than just coal is also being acknowl- tries with large fossil fuel interests graphics, you need more resources to flow to
edged by other nations. Then have pushed to maximise false emerging markets,” Kant said.
low/zero emission hydrogen is solutions even whilst aiming for net “But the reverse is happening,” he rued.
‘Ayushman Bhav’ soon for full something that India is pursuing zero goals,” Aarti Khosla, director, Kant indicated that India will push for finding
already. It is a win for us,” said a Climate Trends said. She, however, solutions to these issues. The top negotiator said
coverage of health schemes senior official who was part of the added India was a fair broker and Prime Minister Narendra Modi’s proposal to make
deliberations panel.India has set an the outcome is reflecting the spec- the African Union (AU) a permanent member of
The Union health ministry is planning to launch ‘Ayushman Bhav’ ambitious plan for green hydrogen trum of geopolitical interests. The the G20 has received overwhelming response from
programme to ensure optimum delivery of all state-run health deployment. It is also looking to ministerial concluded with no joint the grouping. He noted that India was “very hope-
schemes to every intended beneficiary, including those in the last balance usages of coal and renew- communiqué. India has issued a ful” of the African continental body finding a per-
mile. Ayushman Apke Dwar 3.0, Ayushman Sabha and Ayushman able energy with neither taking chair summary, which has sugges- manent position in the G20 during New Delhi’s
Mela are some of the activities planned under the programme. PTI over another in the medium term. tions of all member nations. presidency of the grouping.

Intent to not lag China is behind moves to promote INR trade

EXIM MATTERS
T N C RAJAGOPALAN
During the visit of our Prime
Minister to the United Arab
Emirates (UAE), the chiefs of the
Reserve Bank of India and the
Central Bank of UAE signed two
memoranda of understanding
(MoU) establishing a framework
to promote the use of local
currencies viz. the Indian rupee
(INR) and the UAE dirham (AED)
for cross-border transactions
and cooperation for interlinking
their payment and messaging
systems. Over a period of time,
progress in translating these
intentions into practical reality
can help the individuals who
want ease and convenience for
their small-value transactions
regardless of the costs. Under the
MoU on ‘Payments and
Messaging Systems’, the two
central banks agreed to
cooperate on linking their fast
payment systems (FPSs)—
Unified Payments Interface
(UPI) of India with Instant
Payment Platform (IPP) of UAE
— and linking the respective
‘card switches’ (RuPay switch
and UAESWITCH). The UPI-IPP
linkage will enable the users in
both countries to make fast,
convenient, safe, and cost-
effective cross-border funds
transfers, says the RBI.
The linking of ‘card switches’ will
facilitate mutual acceptance of
domestic cards and processing of
card transactions. India and
Singapore have already linked
their fast payment systems UPI
and PayNow allowing transfer
from/to India up to ~60,000 per
day. Such arrangements make
life easy and convenient for
individuals, whether for their
needs as tourists or for person to
person remittances.
For trade transactions and
inward remittances, the option
of transacting in INR through the
Vostro accounts that UAE banks
and exchange houses maintain
with Indian banks has been
available for decades.
For building the balances in
the Vostro accounts, the foreign
banks remit freely convertible
currency. The settlements and
exchange rates for such
currencies have to be worked out
through US dollars because there
is no active foreign exchange
market for INR or AED with any
currency other than the US
dollar. So, the MoU aims to put in
place a local currency settlement
system (LCSS) to promote the use
of INR and AED bilaterally and to
develop an AED-INR market
over a period of time. If that does
happen, the INR-AED market is
likely to be relatively shallow.
The global oil trade is mostly
in US dollars. Also, trade and
investment flows constitute a
minuscule part of global
speculative flows that influence
not only the demand and supply
of currencies that determine the
foreign exchange rates, but also
the forward premiums or
discounts and the markets for
sophisticated products like
futures, options and so on.
When Russia invaded
Ukraine last year, the United
States threw some Russian banks
out of SWIFT (Society for
Worldwide Interbank Financial
Transactions), the global inter-
bank messaging platform.
Since then, some countries
including China and India have
been trying to increase trade in
their own currencies and
integrating their own settlement
platforms with that of some
other countries. China has
advantages because of the size of
its economy and trade. India
does not want to be left behind
and so is trying to link its
messaging system with other
countries, starting with the UAE.
Efforts are afoot to promote the
use of INR in transactions with
Indonesia, Sri Lanka and some
other countries. Given the
unstated aim to not lag China,
the MoU with UAE is a positive
step. The results of such
arrangements will show up over
a period of time.
Email : tncrajagopalan@gmail.com
>
MUMBAI | MONDAY, 24 JULY 2023 5
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6 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | MONDAY, 24 JULY 2023 1

Households in
Yamuna back above danger Govt portal pins 285K Covid-vulnerable
districts bought
mark; Noida braces for floods missing phones, but more gold: Study

only 20,771 recovered

Households in Covid-19
vulnerable districts
Shah takes stock of situation in Delhi and Gujarat, 3 killed in Himachal allocated more gold to their
savings portfolio during the
PRESS TRUST OF INDIA SUBHAYAN CHAKRABORTY pandemic compared to
23 July New Delhi, 23 July PHONE TRACKER households in other
Circles with highest mobile tracking districts, according to a

T
he water level of the The Central Equipment n Blocked n Traced n Recovered study conducted by
Yamuna in Delhi Identity Register (CEIR) of the the Indian Institute of
breached the danger department of telecommuni- Management

364,534
208,372
mark again on Sunday follow- cations (DoT) has traced Ahmedabad (IIMA).
ing a surge in discharge from 285,000 lost or stolen mobile The shift towards gold is

92,566
92,016
the Hathnikund Barrage into phones and blocked 680,000 accompanied by a shift
the river after heavy rain in devices since being launched. away from other financial

47,619
parts of Uttarakhand and However, recoveries remain assets and cash, as per the

34,206
Himachal Pradesh. relatively low at 20,771 IIMA working paper titled

14,949

13,182
7,698

4,228
4,089
6,625
Further increase in the devices. 'Gold in household

1,420

3,911

water level of the river is
expected to impact relief and
rehabilitation work in the
flood-affected low-lying areas
of the capital, officials said.
Delhi Irrigation and Flood
Control Department officials
said heavy rains upstream of
Delhi will impact rehabilitation
of the affected families in the
inundated low-lying areas of
the capital and they may have
to stay in relief camps for a
longer period.
The Central Water
Commission's (CWC) data
showed the water level rose
from 205.02 metres at 10 pm on
Saturday to 205.96 metres at 9
am on Sunday
In Gautam Buddha Nagar,
administration has issued a
flood warning for low-lying
regions along the Hindon as
water discharge in the river
increased, officials said.
Around 200 people from
five villages have been evacu-
ated and shifted to shelter
homes, they said.
Meanwhile, Union Home
1 every month in the country.
2 3
(1&2) Residents of Ghaziabad after rise in the water level of Hindon river ;
(3) Workers use sandbags to construct an embankment near the drain regulator at ITO
in New Delhi
Minister Amit Shah had a dis-
cussion with Delhi Lieutenant
Governor V K Saxena about the
water level in the Yamuna river
and spoke to Gujarat Chief
Minister Bhupendra Patel on
the flood-like situation in the
state. In Himachal Pradesh, the
PHOTOS: PTI
bodies of three people who
were swept away in a flash
flood were recovered, while
heavy rains lashed Karnataka.
According to government
estimates, around 50,000
mobile phones are stolen
Launched nationwide on
May 16, the CEIR is a part of
the DoT’s Sanchar Saathi por-
tal. It is the primary govern-
ment platform aimed at pro-
tecting mobile phone users
from various frauds such as
identity theft, forged KYC,
theft of mobile devices and
banking frauds.
People can find out the
mobile connections issued in
their name, get unrequired
connections disconnected,
block or trace lost mobile
phones and check the gen-
uineness of devices while
buying a new or old mobile
phone. The CEIR system pro-
vides telecom operators with
access to both the interna-
tional mobile equipment
identity (IMEI) number of the
device and the associated
mobile number.
It was already being uti-
lised in Dadra and Nagar
547
Delhi Maharashtra Karnataka Telangana UP
Source : Sanchar Sathi portal
Haveli, parts of Maharashtra, tion of many phones is now
and Delhi since 2019 as part being accurately tracked. We
of a pilot programme.
Although criminals
are now raising the issue with
state home departments,” a
usually try to modify the IMEI senior DoT official said.
number of stolen mobile Telangana circle has the
phones, CEIR is designed to best record so far, recovering
see through that. 61 per cent of the phones
tracked. Meanwhile, Delhi
Police action makes a Police recovered only 0.6 per
difference cent of all tracked phones.
The vast majority of tracking Even as most police
requests are registered by departments in India are bur-
users themselves, while the dened with a mountain of
recovery is facilitated by cases and suffer from short-
police departments across the age of personnel, the official
country, officials said. said that some have priori-
While the portal utilises tised tracking phones
cutting-edge tech to quickly through the portal.
track and block missing or Case in point, media
stolen devices, only on- reports had said in April that
ground police work can every police station in
recover the devices. Mumbai is recovering at least
“The number of recoveries five to six mobile phones
has risen a lot, but remains every day after using the
low, considering that the loca- website.
portfolios during a
pandemic: Evidence from
an emerging economy'. The
survey covered 142 districts
across 21 states. PTI
Gold ETFs reverse
3-quarter trend
with ~298 crore
inflow in Jun qtr
After three straight quarters
of outflows, gold exchange-
traded funds (ETFs) attracted
~298 crore in the April-June
period, and experts believe
that investors will continue
to invest in the safe haven
product. However, the
inflows were down by
almost 80 per cent
compared to the year-ago
period. On the other hand,
the asset base of gold ETFs
and investors' account or
folio numbers rose in the
quarter under review. PTI

FAKE NEWS FUELLING MANIPUR VIOLENCE: OFFICIALS NBIOCON BRIBERY CASEN

Govt grants sanction to prosecute

joint drugs controller S Reddy
PRESS TRUST OF INDIA before a special court in New The arrests were made in June
New Delhi, 23 July Delhi. Repeated calls made to the last year in the bribery case alleg-
office phone of Reddy seeking his edly to waive the Phase 3 clinical
The government has granted the comments remained unan- trial of ‘Insulin Aspart’ injection,
sanction to prosecute Central swered. The agency has also a product developed by the com-
Drugs Standard Control received the sanction against pany to manage Type 1 and Type
Organisation (CDSCO)’s joint Animesh Kumar, Assistant Drugs 2 diabetes. However, Biocon
drugs controller S Inspector, who is a Biologics, a subsidiary of Kiran
Eswara Reddy, co-accused in the Mazumdar Shaw-led Biocon,
clearing the decks The agency has case, they said. denied the allegations of bribery.
for initiating a trial also received the Apart from Reddy was suspended but the
against him for sanction against Reddy and health ministry revoked this last
allegedly taking a Animesh Kumar, Animesh Kumar, year and reinstated him as the
bribe to favourably Assistant Drugs the CBI had also joint drugs controller. The agency
recommend Inspector arrested Biocon had filed the charge sheet in
Biocon Biologics’ Biologics' August last year against the
insulin injection, Associate Vice accused persons, but the trial had
officials said on Sunday. President L Praveen Kumar, not commenced as the sanction
The Central Bureau of Synergy Network India Private for prosecution, a mandatory
Children from the Meitei community who were displaced by violence in Manipur at a relief camp in Imphal, Manipur, on Sunday. According to officials Investigation (CBI) submitted the Limited director Dinesh Dua, requirement before proceedings
from various security agencies who have been monitoring the situation in Manipur, rumours and fake news were fuelling ethnic violence in the state. As sanction for prosecution, who allegedly gave Reddy ~4 lakh in a case against a government
Parliament’s Monsoon session remained deadlocked over the issue, Union minister Anurag Thakur on Sunday appealed to the opposition parties “with accorded by the Director as bribe, and Guljit Sethi, an servant under the Prevention of
folded hands” to join the debate on the issue. Meanwhile, Delhi Commission for Women (DCW) chief Swati Maliwal visited Manipur on Sunday. Forty-one (Vigilance) in the Union Ministry alleged conduit of Biocon Corruption Act can be initiated,
Meitei community members, too, reached Assam from Mizoram after an extremist group asked the community to leave the state PHOTO: PTI for Health and Family Welfare, Biologics. was awaited, they said.

IndiGrid to > FROM PAGE 1 Individual ministries are

analysing the situation in
was introduced on credit
cards because the govern-
2.9 per cent YoY in Q1FY24,
down sharply from the 38.3
the earnings trajectory will
change because big industrial

raise ~2.7K cr PLI... detail. Last month, Commerce

and Industry Minister Piyush
ment believes that the limits
under LRS have been
per cent in Q1FY23. On the
other hand, the combined net
companies such as Tata
Motors, Tata Steel, Larsen &

for VRET buy, While three of the 14 schemes

debt rejig
ABHIJIT LELE
Mumbai, 23 July
Global investment major
KKR-backed India Grid
Trust (IndiGrid) plans to
raise up to ~2,750 crore via a
mix of debentures and
equity. It is eyeing ~1,250
crore via debentures to refi-
nance old debt and for
acquisitions.
The firm, which man-
ages power transmission
and power generation
assets, would also raise up
to ~1,500 crore in equity to
bring down the ratio of debt
to assets under manage-
ment (AUM) to 60 per cent
from 65 per cent currently.
In May, IndiGrid had
announced acquisition of
100 per cent of Virescent
Renewable Energy Trust
(VRET), along with its
investment manager and
project manager. The deal is
expected to be valued at
~4,000 crore, subject to reg-
ulatory approvals and clos-
ing adjustments.
CRISIL Ratings has
assigned “AAA/Stable” rat-
ing to ~1,250- crore non-con-
vertible debentures (NCDs)
of IndiGrid. The entity has a
healthy track record of
maintaining transmission
line availability higher than
normative levels and 35-year
transmission service agree-
ments (TSAs), which ensure
steady cash flow.
— large-scale electronics man-
ufacturing, bulk drugs, and
medical devices — were intro-
duced in 2020, the remaining
were launched the following
year. From FY23, companies
started claiming incentives
that are based on incremental
sales of goods manufactured
in India.
In FY23, the Centre had
paid incentives worth ~2,874
crore to the PLI beneficiaries
across eight sectors — mobile
manufacturing, IT hardware,
pharmaceutical drugs, bulk
drugs, medical devices tele-
com, food products, and
drones.
In FY24, the third year of
the scheme’s implementation,
the outgo is expected to touch
~13,000 crore. For FY25, the
incentive payout is estimated
to hover around ~23,000-
24,000 crore, people aware of
the matter told Business
Standard.
Government officials had
earlier said the next two fiscal
years — FY24 and FY25 —
would be crucial to utilising
~1.97 trillion, as they will deter-
mine how the scheme is pro-
gressing.
The scheme is one of the
top priorities of the govern-
ment since it aims to increase
domestic manufacturing,
create jobs, curb cheap
imports, and boost exports.
The remaining five sectors
— steel, textile, battery, solar
PV, and automobile — are see-
ing slow progress, as incentive
disbursements are yet to
begin.
Goyal met key stakeholders,
including officials from mini-
stries and government depart-
ments, to sort out the teething
issues being faced by PLI ben-
eficiaries. The Centre has also
started re-initiating talks with
companies that have been
shortlisted under the PLI
scheme to come up with a
prompt resolution. The
Department for Promotion of
Industry and Internal Trade
has been asked to nudge mini-
stries to hold consultations
with the PLI beneficiaries.
Credit card...
Amid backlash from various
sections of the population, the
government on May 19
decided to exempt foreign
card payments up to ~7 lakh a
year from tax collected at
source. These amendments
were earlier scheduled to take
effect on July 1 this year.
Bankers are still apprehen-
sive about the new regime, as
they feel it will impose a
compliance burden on them.
Industry experts say that
tracking overseas credit card
spends and other remittances
on a real-time basis is a chal-
lenge. Besides, the nature of
credit cards is such that they
could have cases of default,
and it would be cumbersome
to decide on tax liability.
There are codes with
banks that could help iden-
tify the purpose of a transac-
tion, but this could be pos-
sible only if taxpayers make
correct declarations.
Tax collected at source
breached by high networth
individuals who do high-
value transactions.
Under LRS, a resident indi-
vidual can remit up to
$250,000 per fiscal year for
permissible transactions.
Oppenheimer...
“I expect that Oppenheimer
might hit ~100 crore and
Barbie could well go much
higher than ~50 crore, so
things are looking up,” Nahta
added.
A big Hindi movie is also in
the pipeline. After an eight-
year gap, Karan Johar’s Rocky
Aur Rani Ki Prem Kahani is to
be released this week. With a
budget of around ~150 crore, it
is expected to give a big push
to Hindi films that have not
had a big hit since Shah Rukh
Khan’s Pathaan in January.
The other, more unex-
pected hit was Kerala Story,
which also got audiences back
to the screen. Theatre owners
say a big movie is slated every
three to four weeks till the end
of December.
Revenue...
Some prominent non-BFSI
and non-IT companies in the
sample include Reliance
Industries, Hindustan
Unilever, JSW Steel, Vedanta,
Hindustan Zinc, Ultratech
Cement, Havells India, DLF,
United Spirits, and Tata
Communications.
Excluding these, the com-
bined net profits of 144 early-
bird companies ex-BFSI and
The combined net profits of the IT companies were up 12.8 per
cent in Q1FY24, better than the 11.6 per cent in Q4FY23
ex-IT were down 8.3 per cent
YoY to ~31,697 crore in Q1FY24
from ~34,560 crore a year ago.
With this, the combined net
profits of these 144 companies
have now contracted for four
consecutive quarters on a YoY
basis.
For comparison, the banks’
combined net profits were up
30 per cent YoY in Q1FY24, an
improvement from the 24.1
per cent in Q4FY23. Similarly,
the combined net profits of the
IT companies were up 12.8 per
cent in Q1FY24, better than
the 11.6 per cent in Q4FY23.
The banks and IT services
firms together accounted for
65 per cent of the combined
net profits of all early-bird
companies in the sample.
The numbers suggest the
quarterly net profits of non-
BFSI companies have hardly
grown in the last 10 quarters
(from Q4FY21) and have
moved around ~58,000 crore
during this period without any
directional change. The 166
non-BFSI companies in the
sales of the non-BFSI and non-
IT companies were flat, their
worst showing since Q3FY21
Toubro, NTPC, Mahindra &
Mahindra, Maruti Suzuki, Oil
and Natural Gas Corporation,
quarter.
There is a possibility that
and Indian Oil Corp declare
their results for Q1FY24.
> BS SUDOKU # 4032
sample reported combined
net profits of ~57,948 crore in
Q1FY24, up marginally from
the ~57,840 crore in Q1FY23
and ~54,640 crore in Q1FY22.
According to analysts, poor
earnings growth in the non-
BFSI and non-IT space and the
continued slowdown in reve-
nue growth raise questions for
corporate earnings in FY24.
From a long-term perspective,
the biggest drag on corporate
earnings is the continued
slowdown in revenue growth.
Combined net sales (gross SOLUTION TO #4031
interest income in the case of
BFSI companies) of all 220 Easy:
companies were up 9 per cent
YoY in Q1FY24, the slowest in
««
the 10 quarters. In compari- Solution tomorrow
son, these companies’ com-
bined net sales were up 31.8
per cent YoY in Q1FY23 and HOW TO PLAY
12.2 per cent YoY in Q4FY23, Fill in the grid so that
respectively. every row, every
The slowdown in revenue column and every 3x3
is more prominent in the non- box contains
BFSI and non-IT space. The
the digits 1 to 9
combined net sales of the non-
BFSI companies were up just
 MUMBAI | MONDAY, 24 JULY 2023 POLITICS & PUBLIC AFFAIRS 7
“THERE ARE INSTANCES OF WILFUL IGNORANCE “YOUR (SMRITI IRANI’S) CONSPICUOUS SILENCE ON “DEPRAVITY IS WHEN YOUR “WHEN QUESTIONED OVER HER
VERY FEW INCESSANTLY EXHIBIT. CONGRESS GRUESOME CRIMES AGAINST WOMEN EMBODIES CHAIR CANNOT PROTECT OUR FAILURES AS A MINISTER, SMRITI
SCORES WELL ON BOTH COUNTS — DEPRAVITY THAT. YOU KEPT QUIET FOR 78 DAYS, AND WHAT WRESTLERS.BUY A DICTIONARY. IRANI CHOOSES TO HIDE BEHIND
AND WILFUL IGNORANCE” YOU SPOKE IS WORSE THAN YOUR SILENCE” IF MAUNGURU PERMITS” THE GENDER ARGUMENT”
SMRITI IRANI, Minister for Women & Child Development SUPRIYA SHRINATE, Congress Spokesperson MAHUA MOITRA, Trinamool Lok Sabha MP PAWAN KHERA, Congress leader
> .

The problem of Orange is the new black

but only incremental improve-
ment in the Assembly elections
in these states.
This is not the only contradic-
tion. Parties like the AIMIM and
STALIN’S WAR: In the political palette of Tamil Nadu, saffron

being in the middle

AIUDF that draw their base large-
ly from minority communities
are opposed to the NDA but
ambiguous about their support
to INDIA. The AIUDF, headed by
perfume king Badruddin Ajmal
As parties position themselves in alliances, some have and limited to Assam, for
instance, got nearly 8 per cent of
opted to stay non-aligned. What are the compulsions the vote polled in Assam in 2019,
contested only three seats, and
and future of these parties? ADITI PHADNIS investigates won one — but has a bitter rela-
tionship with the Congress unit
in the state. The AIMIM is trying
to expand its footprint — it won
only one seat in Telangana in
2019, getting 2.8 per cent of the
vote. Since then, it has tested its
fortunes outside Telangana. But
INDIA partners, especially the
Samajwadi Party, view it warily
— its growth efforts in UP, the
election data clearly shows, are
at the cost of the SP.
The SAD’s compulsions
are equally complex. One of
the BJP’s oldest alliance part-
ners, it is now seen by that
party as a drag on its growth
ambitions in Punjab. So are the
parties in the middle destined
forever to stay in the middle
until they are obliterated?
Rahul Verma, fellow at the
Centre for Policy Research and
well-known researcher of domes-
tic politics in India, said: “One
JD(S) leader H D Kumaraswamy. Earlier this week, JD(S) said it was ready to throw in its lot with the BJP can broadly divide these non-
aligned parties into three cate-
is a colour DMK wants turned pallid. SHINE JACOB writes
Security forces during ED’s searches at the premises of K Ponmudy in
connection with a money laundering investigation in Chennai
On June 11, the streetlights went out out- which only 0.05 per cent of cases were
side Chennai airport when Union Home proven.
Minister Amit Shah was in the ‘Detroit The BJP contests this.
of Asia’ (as the Gateway to South India “Take the case of Balaji: it was Stalin
is nicknamed), following which who first made corruption charges
Bharatiya Janata Party (BJP) workers against Balaji while he was with the All
came out in protest, demanding a probe India Anna DMK (AIADMK) and Stalin
into the power outage. The very next was in the Opposition. The current
day, state power minister V Senthil Balaji action against the power minister was
clarified that this was ‘accidental’. On based on evidence and the observations
June 14, Balaji was arrested by the of the Supreme Court. In
Enforcement Directorate (ED) after 18 Radhakrishnan’s case, too, the complaint
vote banks of regional parties and the
Congress in various states, it was Stalin
who stood out among them.
The DMK and its allies had won 38
of the 39 Lok Sabha (LS) seats in the state
last time. This is compared to Mamata
Banerjee’s Trinamool Congress and Nara
Chandrababu Naidu’s Telugu Desam
Party, which saw a decline in their seats
and vote share. Hence, the BJP is trying
to improve its vote share in the state
through strategies suggested by former
civil servant K Annamalai, who is presi-
dent of the state unit.
“Tamil Nadu has always supported
the Dravidian ideology party. The BJP
is trying to balance Hindutva and
Dravidian ideologies in the state and
stem the growth of the DMK. The chal-
lenge before the BJP in the next LS polls
is how many seats it can win in
Opposition-party states. That is why it
is focusing on southern states like Tamil
Nadu, Karnataka, Telangana, Kerala,
and Andhra Pradesh. It wants to stabilise
its party in the South,” observes R
Venkatesh, a political analyst and faculty
member at the University of Madras.
According to Venkatesh, it may not
be easy for the saffron party to make
inroads into the DMK base without reel-
ing in another Dravidian party — in this
case, the AIADMK.
Interestingly, the battle between
Edappadi Karuppa Palaniswami and

T
he Congress and 25 other
Opposition parties last
week unveiled the Indian
National Developmental
Inclusive Alliance (INDIA) to take
on the Bharatiya Janata Party
(BJP) led National Democratic
Alliance (NDA), which now has
39 parties. Around 65 parties are
in one or other alliance.
But some are not. And it’s
for a reason.
Earlier this week, the Janata
Dal (Secular), or JD(S), which is
almost entirely Karnataka-based
and is in the Opposition against
a Congress government in the
state, said it was ready to throw
in its lot with the BJP.
However, this “offer” elicited
no reaction from the BJP’s top
leadership. It is only the state-
based BJP that has indicated the
proposal could work. Former
Karnataka chief minister
Basavaraj Bommai told reporters
in Hubbali that JD(S) leader H D
Kumaraswamy had made “cer-
tain feelings” public. “That is for
a discussion between our leader-
ship and JD(S) President H D
Deve Gowda,” he added.
In the elections to the 224-
member Assembly held in May,
the Congress bagged 135 seats,
while the BJP secured 66 and Shiromani Akali Dal (SAD), gories. First, there are parties like hours of interrogation and a search of was first filed by the DMK. How can it Ottakarathevar Panneerselvam has
the JD(S) 19. All India United Democratic the BJD, BRS, and YSRCP which his official residence and chamber at the be considered vendetta?” asks Tamil weakened the AIADMK in recent years,
But in the Lok Sabha elections Front (AIUDF), JD(S), Rashtriya are confident of retaining power state Secretariat. Nadu BJP Vice-President Narayanan even as Stalin became successful in
in 2019, the JD(S), which contest- Loktantrik Party, and SAD-Mann. in their states in the next election. While many see this arrest as a coin- Thirupathy in an interaction with increasing his stature as a leader. That
ed as part of the Opposition Of these, the YSRCP (based They have no incentive to be part cidence, the Dravida Munnetra Business Standard. is one of the reasons why experts like
United Progressive Alliance, largely in Andhra Pradesh), the of either the NDA or INDIA at this Kazhagam (DMK) and its allies say it is It was indeed the DMK that first Venkatesh believe that, in the case of a
fought in nine seats and got near- Telangana-based BRS, and the stage, but they may hedge their part of vendetta politics. This was hardly raised allegations against both leaders. non-National Democratic Alliance
ly 38 per cent of the vote share in BJD pose a big threat to both bets towards the winning coali- 10 days before a meeting of 15 Opposition DVAC had filed a case against (NDA) government, Stalin is going to
the seats it contested though it alliances, judging by past per- tion in the post-poll setting. The parties in Patna on June 23. Radhakrishnan in 2006 when the DMK play a crucial role. Stalin’s 10-minute
won only one (the formance. Andhra second type of parties is like the A month later, as DMK supremo and was in power. The case was that recorded video warning the BJP after
state has 28). The Of the parties Pradesh, Telangana, SAD and the TDP, which are still Chief Minister Muthuvel Karunanidhi Radhakrishnan and his family had Balaji’s arrest was also widely circulated
BJP got 25 seats that are part of and Odisha together significant players in the state but Stalin was ready to join yet another meet- acquired disproportionate assets while across South India, as he has a strong
and a whopping 51 neither group, send 63 members to cannot win without an ally at this ing of 26 political parties in Bengaluru he was the housing board minister dur- fanbase in neighbouring Kerala, too.
per cent of the vote the YSRCP, BRS, the Lok Sabha. So are stage. These parties are showing on July 17, which saw the formation of a ing the AIADMK’s regime between 2001 “We, too, are capable of all sorts of
share. The party has and the BJD the parties in the mid- an inclination to be part of the new coalition named the Indian and 2006. The ED had approached the politics. This is not a threat, but a warn-
been improving its pose a big dle, destined forever to BJP-led alliance, but the BJP is National Developmental Inclusive court with a claim to assist DVAC, stating ing. Do not rub a DMK man the wrong
Lok Sabha vote threat to stay in the middle not making commitments Alliance (INDIA), yet another minister that it had crucial evidence related to way. If we retaliate, you will not be able
share steadily in both alliances until they are obliter- because it may want a greater was raided and arrested. This time, the case. to tolerate it,” the DMK supremo is heard
Karnataka: Little won- ated? Sandeep Shastri, share of seats to contest in the Tamil Nadu Higher Education Minister Similarly, Balaji was transport min- saying. While the BJP may be projecting
der then that it is vice-chancellor of Lok Sabha — basically changing K Ponmudy was taken into custody by ister in the AIADMK government led by itself as a third force in the state, it has a
reluctant to share this with Jagran Lakecity University and a the equation of the past. In the the ED after a raid at his house and his the late J Jayalalithaa from 2011 to 2015. long way to go.
anyone else, believing it has respected scholar, said: “It is same category, you could put par- son’s house in Viluppuram. The allegation against him was that he In the 2019 LS polls, the NDA got a
more to lose than gain from about competitive politics. ties like the AIUDF and AIMIM, On July 19, another minister faced sought money in exchange for jobs in 30.57 per cent vote share, with the BJP
such an arrangement. Whether it is BRS or BJD, both which cannot go with the NDA ED heat when the agency indicated its various departments in his ministry. getting only 3.66 per cent. This is com-
are in competition with the two for obvious reasons, and INDIA willingness to assist the Directorate of This issue was also highlighted by the pared to 53.15 per cent by the DMK-led
The ones that got away alliances. In the case of YSR is not sending them an invitation Vigilance and Anti-Corruption (DVAC) DMK first. Later, both these leaders alliance, with Stalin’s party winning 33.52
Parties that are part of neither Congress, it is also the deviation because it fears that such parties in a disproportionate asset case switched sides and shifted to the DMK. per cent votes. The AIADMK‘s share of
the NDA nor INDIA are: The from its (BJPs) core agenda that on its side may help the BJP to against Fisheries Minister Anitha R “These agencies will do their duty. If the vote was 19.39 per cent and it was in
Yuvajana Sramika Rythu is keeping them out of the NDA.” polarise the Hindu-Muslim axis. Radhakrishnan. These, the DMK claims, you think that you are clean, face it and the NDA. In the 2021 Assembly elections,
Congress Party (YSRCP), Biju The BJP has been gaining The third type of parties is are not one-off incidents. prove it. There is no politics involved in the BJP’s vote share was 2.62 per cent,
Janata Dal (BJD), Bharat Rashtra ground in all but Andhra the BSP and JD(S). These parties According to Stalin, the ED conduct- it,” adds Thirupathy. indicating it still has a lot of work to do.
Samithi (BRS), Bahujan Samaj Pradesh. What is common to all are in terminal decline. They can ed 112 raids in 10 years before the BJP Under the circumstances, can the ED
Party (BSP), All India Majlis-E- is the paradox: The BJP has seen go either side, and it seems that took power, but the same ED conducted BJP’s Tamizha aggression be a force multiplier for the BJP? Most
Ittehadul Muslimeen (AIMIM), a dramatic improvement of its both alliances want to squeeze 3,000 raids against the Opposition after According to political pundits, while the experts say the party has a leader. But it
Telugu Desam Party (TDP), vote share in the Lok Sabha poll them further.” the BJP took charge at the Centre, of BJP was able to make inroads into the still needs organisation.

STORY IN NUMBERS Convert or faithful, a baptism by fire

INDIA’S WEALTH IS ON THE MOVE The Bharatiya Janata Party’s
(BJP’s) decision to appoint
Narendra Singh Tomar as
MAHARAJA TO MANTRI: Loyalists’
Scindia is also not in a position to
rebel against the party.”
A BJP leader considered close
Why rich Indians are seeking a passport to greener — foreign — pastures convenor of the election
management committee for the
defection to BJP infighting, to Scindia said on condition of
anonymity, “There is no one
Madhya Pradesh (MP) Assembly Jyotiraditya Scindia faces heat within matching Tomar’s experience
n Better n Open and n Access to better n Economic elections is being seen as a and electoral expertise. Scindia
health care flexible business academic, professional well-being setback for Union Minister BJP ranks in Madhya Pradesh, even is also happy with the latest
environments opportunities Jyotiraditya Scindia (pictured),
who was looking for a bigger role
as Congress eyes 2023 payback for its developments because, after all,
the aim is to win the election.
in the state before the elections. 2020 blow. SANDEEP KUMAR writes Anyway, you don’t have any
More Indians renounced their citizenship and with an investable wealth of $1 million or more. The BJP is already battling options within the BJP. You only
took citizenship in other countries in 2022 than The highest number of HNWIs to give up their factionalism in the Gwalior- have to follow the orders of the
ever before, according to data. citizenship was from China. Chambal region. The battle for top leadership. Home Minister
supremacy and factionalism in Amit Shah said in his recent visit
Answering multiple questions in Parliament Nine of the top 10 countries for net inflows of
the region has been at its peak to Bhopal that we have to give
— the last on March 31 this year — Minister of State HNWIs in 2023 will host formal investment since early 2020, when Scindia our all to win the election. As far
for External Affairs V Muraleedharan told the Lok migration programmes and actively encourage and his loyalists quit the as ticket distribution is
Sabha that more than 200,000 Indians gave up foreign direct investment in return for residence Congress to align with the BJP. concerned in these elections, the
Indian citizenship in 2022. rights, the firm says. Senior journalist and only criterion is winnability. It
The question was asked China’s HNWI migration political analyst Girija Shankar doesn’t matter whether he is a
by Congress Members of is forecast to be 13,500 in says: “There is no doubt that Congress convert to the BJP or a
Parliament Kodikunnil 2023. In 2022, it was 10,800. local BJP leaders in Chambal BJP veteran.”
Suresh and M K Raghavan, India saw 7,500 HNWI have not been able to process There are 34 Assembly seats
and All India Majlis-e- migrations in 2022. Scindia’s entry into the party. in the eight districts of Gwalior
If the leaders at the local level and Chambal. In 2018, the
Ittehadul Muslimeen chief Based on this year’s are not able to accept him, Congress won 26 of these, the
Asaduddin Owaisi. Henley Private Wealth on what basis should he be BJP got seven, and the Bahujan
The minister emphasised Migration Report, 6,500 given the responsibility of the Samaj Party got one. But then,
that while surrendering
Indian citizenship was a INDIANS WHO RENOUNCED millionaires are set to leave
India in 2023, while statistics
entire state?”
“The demand that Scindia be
Scindia was with the Congress.
Circumstances have
matter of choice, “a INDIAN CITIZENSHIP from the Global Wealth given a bigger role was started by since changed. In this area,
successful, prosperous, and 2015 131,489 Migration Review show that his supporters. Fact is, Scindia 20 per cent of the population
influential diaspora is an 2 per cent of the country’s got what he bargained for when belongs to the Dalit community,
2016 141,603 he defected to the BJP. His which Congress wants to bring
asset for India. India stands millionaires have already
2017 133,049 adherents were made ministers, into its fold.
to gain a lot from tapping flocked overseas in 2020.
given Assembly tickets, and the role, another task he has to Minister Shivraj Singh Chouhan. After the fall of the
into its diaspora networks 2018 134,561 According to losers accommodated on accomplish is to create a level He has successfully led election Kamal Nath government,
and productively utilising 2019 144,017 government data, more corporation boards. You cannot playing field between the BJP campaigns in the past.” by-elections were held for 28
the soft power that comes than 1.6 million Indians bargain twice for the same thing. veterans and Scindia’s votaries.” “Tomar or no Tomar, seats, of which the BJP got 19
from having such a 2020 85,256 have renounced their Now he has the same status in Another political analyst, Scindia’s influence is going to be and the Congress nine.
flourishing diaspora”. 2021 163,370 Indian citizenship since the party as the other leaders. Rakesh Dixit, says, “There reduced. Not having an According to analysts,
Meanwhile, London- 2022 225,620 2011, including a whopping When the party did not give any should be no confrontation important role in the election the absence of pressure from
based firm Henley & Source: Lok Sabha questions (March 31) 225,620 in 2022 alone,
role to Narottam Mishra, Kailash between Scindia and Tomar. process, he will also find it the Scindia camp in ticket
Partners, which advises averaging around 618 per Vijayvargiya, Faggan Singh Both are from the Gwalior- difficult to get tickets for his distribution will be to its
Kulaste, or Virendra Kumar Chambal region, but Tomar’s comrades. We all know that advantage.
individuals and families on migration and day. While the staggering numbers beg reason,
Khatik in the MP elections, it was influence is in the Bhind- these things were not mentioned Priyanka Gandhi’s visit to
relocation, has found that Indian high networth the Indian government has said that individuals too much for Scindia to expect Morena region north of Gwalior, in the deal that took place during Rani Laxmibai’s memorial for
individuals (HNWIs) who migrated from India to renounce Indian citizenship “for reasons this,” he observes. while Scindia’s in the Guna- his defection with the Members the first time during her recent
various geographies were, across the globe, the personal to them”. A BJP leader from the Shivpuri region south of Gwalior. of Legislative Assembly. That visit to Gwalior is also an
second-highest in 2022. SOURCES: LOK SABHA QUESTIONS, Gwalior-Chambal region says, Tomar is also close to Prime means the BJP leadership is now indication that the party will
Millionaires, or HNWIs, refer to individuals HENLEY PRIVATE WEALTH MIGRATION REPORT “While Tomar’s organisational Minister Narendra Modi and has free to distribute tickets in make Scindia’s betrayal a
skills make him the right fit for good relations with Chief accordance with its wishes. talking point (if need be).
8 WORLD
>
MUMBAI | MONDAY, 24 JULY 2023

IN BRIEF
Fed readies rate hike in
Musk set to uncage ‘the bird’, unveil new logo
Should have been done a long time ago, says
pivotal week for central banks billionaire owner in Twitter Spaces chat IF A GOOD
The world’s major central banks meet in the coming week to set
monetary policy amid continued signs that the worst inflation REUTERS & BLOOMBERG blue bird its “most recognizable ENOUGH X LOGO IS
crisis in decades is easing. While the Federal Reserve and 23 July asset.” While that page says the com-
European Central Bank are each expected to raise interest rates pany is protective of its logo and POSTED TONIGHT,
by 25 basis points, the greater focus will be on signaling from
policy makers on whether more hikes are likely — or if they plan
Elon Musk said on Sunday he was
looking to change Twitter’s logo,
offers guidelines on how to use it,
Musk apparently isn’t a fan.
WE’LL MAKE (IT) GO
an extended pause. Both Fed Chair Jerome Powell and ECB tweeting: “And soon we shall bid “It should have been done a long LIVE WORLDWIDE
President Christine Lagarde have warned that inflation remains adieu to the twitter brand and, grad- time ago,” he said during the Twitter
too high, forcing them to raise borrowing costs further. But with ually, all the birds”. Spaces appearance, referring to TOMORROW
neither central bank meeting again until September, economists In a twitter post, the social media changing the logo. “We’re cutting the ELON MUSK
say the outlook for policy into the back end of the year remains platform’s billionaire owner added: Twitter logo off the building with Owner, Twitter
open-ended. BLOOMBERG “If a good enough X logo is posted blowtorches,” he said, presumably
tonight, we’ll make (it) go live world- referring to the sign he’s already
wide tomorrow.” altered on the company’s San
Pak Finance Minister Dar Musk posted an image of a flick-
ering “X”, and later in a Twitter
Francisco headquarters.
Under Musk's tumultuous tenure
app” like China’s WeChat.
The company did not immedi-
Inu dog, helping drive a surge in the
meme coin’s market value.
Twitter would limit how many tweets
per day various accounts can read.
may be pitched for interim PM Spaces audio chat replied “Yes” when
asked if the Twitter logo will change.
since he bought Twitter in October,
the company has changed its busi-
ately respond to a request for
comment.
The company came under wide-
spread criticism from users and mar-
The daily limits helped in the
growth of Meta-owned rival service
The ruling Pakistan Muslim League-Nawaz is considering Twitter still has a brand toolkit ness name to X Corp, reflecting the The bird was temporarily keting professionals when Musk Threads, which crossed 100 million
proposing the name of Finance Minister Ishaq Dar for taking up page on its website calling the light- billionaire’s vision to create a “super replaced in April by Dogecoin’s Shiba announced early this month that sign-ups within five days of launch.
the position of caretaker prime minister, a media report said on
Sunday. Dar’s name came into focus as the Shehbaz Sharif-led
government mulled changes in the Elections Act 2017 to empower
Alibaba says
Historic Ukraine cathedral hit
the upcoming caretaker set-up to take decisions beyond its
constitutional mandate, with a view to ensure continuity of the
recently rolled out economic plan and expedite the process
aimed at receiving foreign investment in state-owned entities, will not join
reported The Express Tribune. PTI
Ant Group
China’s Wang Yi proposes
talks with Japan, S Korea
as Russia strikes Odesa again share buyback
REUTERS

Top Chinese diplomat Wang Yi proposed high-level talks between

Putin hosts Belarusian leader Alexander Lukashenko, says Kyiv’s counteroffensive has failed 23 July

China, Japan, and South Korea in a meeting with the Japanese China’s Alibaba Group said
foreign minister in Indonesia this month, Kyodo news agency
REUTERS & AP
23 July Counteroffensive on Sunday it had decided
reported on Sunday. The proposal is seen as signalling a
will extend for not to participate in affiliate

R
willingness to resume talks among the three countries and Japan ussian President
would accelerate preparations to make it happen by the end of
the year, Kyodo reported, citing unidentified sources. US allies
Vladimir Putin said
Ukraine’s counteroffen-
Japan and South Korea are wary of China's increasing military
assertiveness and of growing tensions between China and the US
sive “has failed” as he hosted
Belarusian leader Alexander
over a range of issues including trade and Taiwan. REUTERS Lukashenko, his close ally, for
talks in St Petersburg on
Sunday.
Meloni wants Italy to lead The statement came as the
Russian forces struck the
efforts on migration flows Ukrainian Black Sea city of
Odesa again, local officials said,
Italy wants to limit migration inflows from North Africa to Europe keeping up a barrage of attacks
by boosting cooperation among authorities aimed at restricting that has damaged critical port
departures, its prime minister said. “Illegal migration damages infrastructure in southern
everyone but smugglers who use their power against the states,” Ukraine in the past week
Giorgia Meloni said at the International Conference on “There is no counteroffen-
Development and Migration in Rome on Sunday.“Our priority sive,” Russian news agencies
should be to cooperate more among police and intelligence quoted Lukashenko as saying.
forces and keep ships used to smuggle migrants under control,” Putin replied: “It exists, but
she said. BLOOMBERG it has failed.” Ukraine began its
long-anticipated counter-
offensive last month but has so
Sri Lanka to slap maximum far made only small gains
against well entrenched
retail price on fuel Russian forces who control
more than a sixth of its territory
The Sri Lankan government will introduce a maximum retail price after nearly 17 months of war.
for fuel from next month, State Minister of Energy DV Chanka said A Telegram channel linked
on Sunday. The move of the Sri Lankan government comes ahead to Lukashenko quoted him as
of the Chinese energy company that is set to enter the retail fuel saying in a jocular tone that
market of the first time in August. PTI fighters of Russia’s Wagner
Personnel inspect damages inside the Odesa Transfiguration Cathedral in Odesa following
Russian missile attacks on Sunday
mercenary group who are now
training Belarus’s army were
keen to push across the border
into Nato member Poland.
“The Wagner guys have
started to stress us. They want
to go west. ‘Let’s go on a trip to
Warsaw and Rzeszow’,” he was
quoted as saying. There was no
indication that Lukashenko
was seriously entertaining that
idea.
PHOTO: AP/PTI
Transfiguration Cathedral
damaged
In the Russian attacks on Odesa
during the early hours on
Sunday, at least one person was
killed and 22 others wounded.
several months,
says Blinken
US Secretary of State Antony
Blinken said Ukraine has taken
back about 50 per cent of the
territory that Russia seized,
although Kyiv’s counteroffensive
will extend several months.
“These are still relatively early
days of the counteroffensive. It is
tough," he said in an interview
to CNN on Sunday. REUTERS
Regional Governor Oleh
Kiper said that four children
were among those wounded in
the blasts, which severely dam-
aged the historic
Transfiguration Cathedral, a
landmark Orthodox cathedral
in the city.
Russia has been launching
persistent attacks on Odesa, a
key hub for exporting grain,
since Moscow canceled a land-
mark grain deal on Monday
amid Kyiv’s grinding efforts to
retake its occupied territories.
Ant Group’s proposed repur-
chase of shares, but would
maintain its shareholding in
the company.
Ant Group announced a
surprise
share buy-
back of up
to 7.6 per
cent of its
equity inter-
est earlier
this month,
a day after it Alibaba has
was fined 33 per cent
$984 mil- stake in Ant
lion by Group
Beijing for
violating laws and regula-
tions. Online retail giant
Alibaba, which spun off Ant
12 years ago retains a 33 per
cent stake.
The fine has fuelled
hopes that a years-long reg-
ulatory crackdown on the
company has ended, which
could allow it to secure a
financial holding company
licence, focus on growth, and
eventually, revive its plans
for a stock market listing.

Spain votes in election US airlines to shed fuel, fliers over extreme heat
that could swing
AGENCIES As a result, carriers are having to
5 dead after seasonal floods hit China US Southwest. In addition to Las
country to the right 23 July reduce pounds on the planes.
On July 17, several Delta Air Lines Floods caused by heavy rain hit eastern China, leaving at least
Vegas, where the high soared to 116F
(47C) on July 16, Phoenix hit 119 on
High temperatures pounding parts of Inc. passengers voluntarily got off a five dead and three missing while over 1,500 people were July 19 and 20, and has seen tempera-
REUTERS centre-right People's Party, the US are forcing airlines to adjust flight from Las Vegas to Atlanta after evacuated, state media reported on Sunday. China National Radio tures above 100 since June 14.
23 July but to form a government it operations in the hardest-hit cities, aircraft weight issues in the heat said the massive floods swept through a village in the Fuyang district
would need to partner with reducing fuel or baggage — and in caused delays. of the city of Hangzhou, engulfing many houses on Saturday Greece evacuates 19K over
Spaniards voted in a poten- Santiago Abascal's far-right some cases shedding passengers — to “Additional protocols have been afternoon. The rain later led to a partial mountain collapse and wildfire in Rhodes
tially close-run general elec- Vox. This would be the first help aircraft operate. put in place to address the operational mudslide, affecting multiple areas in the district and more than 1,600 Some 19,000 people have been evac-
tion on Sunday that could see time a far-right party has Allegiant Airlines, a unit of impacts extreme heat has on aircraft, households suffered power outage, CCTV said. Over 1,500 people uated from the Greek island of
Prime Minister entered govern- Allegiant Travel, said it will delay including loading less fuel to were evacuated, the state news agency Xinhua reported. Every Rhodes as wildfires continued burn-
Pedro Sanchez’s PM Sanchez ment since flights if there’s a threat to passenger account for weight and balance year, seasonal flooding hits large parts of China, particularly in ing for a sixth day on three fronts,
governing called the Francisco Franco's safety or comfort as temperatures in and schedule refueling along the semitropical south. However, some northern regions this Greek authorities said on Sunday.
Socialists lose election early dictatorship ended the US Southwest continue to hit the route when needed,” year have reported the worst floods in 50 years. AP/PTI The Ministry of Climate Change
power and a far- after the left in the 1970s. records. In Las Vegas, where Allegiant Delta said in a statement. and Civil Protection said it was “the
right party make took a Voting closed is based, excessive heat advisories Planes are hooked up to largest evacuation from a wildfire in
up part of a new drubbing in on 8 pm (1800 have been extended through Sunday, external cooling units when early maintenance on that the carrier changed its operating the country.”
government for local elections GMT). All ballots and temperatures have been above they’re at gates, but extreme auxiliary power units that plan to avoid weight restrictions. Local police said that 16,000
the first time in 50 in May are expected to be 100F (38C) since June 30, according heat can overcome their ability run onboard systems when Delta, American and United people were evacuated by land and
years. counted by mid- to National Weather Service data. to work well. Once they leave the gate, engines are off, Chief Executive Airlines Holdings Inc. said that air- 3,000 by sea from 12 villages and sev-
Sanchez called the election night, confirming the party High temperatures make air less in most cases air sucked into the Officer Robert Isom said on a port ramp workers, baggage handlers eral hotels. Six people were briefly
early after the left took a drub- with the most votes. dense, reducing engine performance engines is cooled and then circulated Thursday conference call. and others laboring outside are get- hospitalised with respiratory prob-
bing in local elections in May, Both the left and right and the amount of lift produced at a in the cabin, a system that’s not ideal “Though we’ve had a very small ting more frequent breaks, additional lems and were later released.
but his gamble to wrong-foot blocs have the potential to given speed. when a plane is idled on a tarmac. number of diversions and delays water supply, access to shaded areas A person who fell and broke their
his opponents could backfire. form coalitions, which will That generally means lower take- American Airlines Group Inc. said related to high temperatures, the plan or air conditioning and cooling leg during a hotel evacuation and a
Opinion polls show the need at least 176 seats in the off weights and longer takeoff dis- it is taking extra steps to make sure it we have in place has allowed us to towels. The heat has persisted for pregnant woman remain hospita-
election will likely produce a 350-seat lower house of tances are needed to produce suffi- has cooled air on jet bridges hooked avoid significant impact,” an weeks and is expected to continue lised, the latter in good condition,
win for Alberto Nunez Feijoo’s congress. cient lift. to planes. American also performed American spokeswoman said, adding through the weekend for much of the authorities say.

Israeli CEOs ditch the C-suite to lead anti-government protests

GALIT ALTSTEIN
23 July
Sixteen members of a roving paid
workforce. A volunteer steering
committee of former military chiefs of
staff, public-relations gurus and top-tier
lawyers who speak daily. A budget in the
tens of millions of dollars.
Israel’s anti-government protest
movement, the largest in the nation’s
history, has taken over the streets for seven
months since plans emerged to weaken
the power of the courts. On Saturday night,
they again brought hundreds of
thousands out. But they are not radicals
neglected by the establishment — they are
the establishment. And they are using
traditional symbols like the flag to fight the
populist policies of Prime Minister
Benjamin Netanyahu.
“This is the backbone of Israeli society
— people who’ve founded companies and
headed large organizations,” says Shikma
Bressler, a physicist and protest leader.
“Some have carried out special military
operations.”
“People arrested on the streets include
CEOs of unicorns,” she adds, referring to
the term for a startup valued at more than
$1 billion.
Five other activists with inside
knowledge gave behind-the-scenes
details on condition of anonymity.
They estimate that 270 groups are
active, involving some 800,000
individuals. They’ve deployed scores of
photography drones, mobilized late-night
operations to wrap monuments with
slogan-filled banners, and sent out
thousands of women dressed in the red
capes and white bonnets of the Margaret
Atwood novel “The Handmaid’s Tale.”
They succeeded in stopping
Netanyahu says doing
‘excellently’, plans to
attend vote on Monday
Israeli Prime Minister Benjamin Netanyahu
said he was “doing excellently” after an
overnight hospitalisation and vowed to be in
parliament on Monday to vote for a disputed
judicial reform that triggered a fresh round of
mass protests on Sunday. With Israel
embroiled in its most serious domestic political
crisis in decades, the 73-year-old leader was
rushed to Sheba Medical Center near Tel Aviv
on Saturday after a heart monitor implanted a
People take part in a demonstration against Israeli PM Benjamin Netanyahu and his week earlier in what was described as a
nationalist coalition government’s judicial overhaul, in Tel Aviv PHOTO: REUTERS dehydration episode. REUTERS
Netanyahu’s right-wing religious judicial overhaul through the Knesset, as government preparing to pass at least one
government from rushing the entire the parliament is known. With the key change, the movement is calculating
its next steps.
Netanyahu’s plans have unnerved
global investors, with Israel’s stocks,
bonds and currency performing badly this
year relative to similar assets in other
countries. The US has also criticized the
overhaul.
“We will have to direct our efforts
against actions that will become possible
under the new law,” says Bressler.
Her grassroots group, known as the
“Kaplan Force,” after a street in central Tel
Aviv that has hosted the weekly Saturday
night demonstrations, is the largest. And
she’s become the face of the movement.
She’s not new to the demonstration
business. She led anti-corruption protests
against Netanyahu starting in 2019. That
meant that when the judicial overhaul
arose seven months ago, the group had a
solid infrastructure for getting people onto
the streets. BLOOMBERG

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OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

Volume XXVII Number 261 ILLUSTRATION: AJAY MOHANTY

MUMBAI | MONDAY, 24 JULY 2023

Weakness behind support And — a greater presence of debt forces them to

work harder regardless of whether they have shares
or not. This tool is particularly important in India,
Welfare spending is likely to increase given the fact that one main institution that should

T
he broad focus of the national discourse over the past few weeks has demand accountability from managers — the board
been the alignment of political forces, with an eye on the 2024 Lok — does not work much. Under Indian conditions of
Sabha elections. Even as views on the feasibility and winnability of boards that do not drive managers, the optimal level
alliances are evolving, it is worth discussing what a perceived close of debt is higher.
Creative destruction: A healthy economy is
contest can mean for economic management. It may still be early days to draw
one in which there is a steady flow of firm failure. A
definitive conclusions, but some of the recently concluded Assembly elections critical path to failure lies in the presence of debt
and preparations for the upcoming ones offer hints. The focus is increasing on and then in debt default. Once debt is mostly
what is broadly termed welfare programmes. In Karnataka, for example, the removed from the picture, a variety of low-quality
Congress made a slew of promises, including free bus rides for women, which firms can survive indefinitely. This is related to the
seem to have worked for it. The Congress government in Rajasthan, which will go governance problem described above: Once boards
to the polls in December, has broken new ground in this context. After having work poorly and debt is absent, managers get a
peaceful ride. This lack of a steady pace of firm fail-

Many Indian firms

announced several measures, including cheaper gas cylinders, the Ashok Gehlot
ure is harmful for economic dynamism.
government last week got the Minimum Guaranteed Income Bill passed.
Return on equity: In the standard corporate
Accordingly, the state government will provide a minimum guaranteed finance toolkit, a successful business achieves super-
income, either through the provision of work or transfers, to the eligible popula- charged return on equity by adding debt. Many a
tion. In terms of employment, the government will provide an additional 25 business in India is inefficiently geared: The share-
days’ work in a fiscal year after the completion of the maximum number of days
permitted under the Mahatma Gandhi National Rural Employment Guarantee
Act (MGNREGA) in rural areas. Similarly, in urban areas, every adult will be
entitled to at least 125 days’ employment in a fiscal year with minimum wage. If
state officials fail to provide work within 15 days of application, the applicant
need more leverage holders are left with poor return because there is
not enough debt.
For shareholders, inadequate debt harms return
on equity and reduces the pressure upon managers
to run harder. For society at large, economic
will be eligible for unemployment allowance. The section of the population Being near zero debt is often not optimal dynamism is hampered when managers do not run
hard and when there is a low rate of firm exit. The
falling under categories such as old age, specially abled, and widows will be

B
orrowing by large Indian firms has greatly
eligible for a pension, which will be increased by 15 per cent per annum. subsided. While this makes managers of firms
It’s hard to argue against cash transfers to the sections of the population feel safe, it is not healthy for the Indian econ-
not in a position to work, such as the old and specially abled. Even the employ- omy. Debt is a disciplining device, and it helps ensure
ment part is targeted to provide subsistence jobs. The MGNREGA, for instance, that managers run hard, which is good for share-
helped a large number of households during the pandemic. But providing work holders and society. Borrowing improves return on
in urban areas may be comparatively difficult, and it can also be argued that equity, which is good for shareholders. Indebted
firms go bankrupt, which is part of Schumpeterian
125 days’ work will not be enough. However, in terms of economic management,
creative destruction. An economy where large firms
the issue is that governments do not stop at providing support to the vulnerable have little debt runs the risk of being
sections. Many states, for example, provide free or heavily subsidised power to less dynamic. Shareholders and
a select group of consumers. A number of states have gone back to the old pen- boards need to reopen the discus-
sion scheme, which essentially means that the government will support a priv- sion on optimal firm leverage.
ileged few at the cost of the entire state. The Union government provides income From the early days of economic
support to all farmers with land holdings. It is also giving free foodgrain to reform, the Indian non-financial
about 810 million eligible beneficiaries. corporate sector has retreated from
It’s the sum of all such expenses at the general government level, not all of borrowing. Their debt-equity ratio
was highest at 1.85 in 1991-92. In the
which is desirable, that complicates fiscal management. Given the trend in
latest data, for 2021-22 it stood at
states, expectations from those competing to form the next government at the 0.89 and it is likely to have dropped
Centre will only increase. It is, therefore, likely that some of the ideas and con- further in the following year. It gen-
cepts from states would be taken up at the national level. The consequences for erally makes sense to represent the SNAKES & LADDERS
fiscal management are unlikely to be favourable. The fundamental reason for balance sheet on market-value
the rush to provide support to larger sections of the population is the Indian terms. In this, the re-pricing of debt AJAY SHAH
state’s inability to create decent jobs. At some point in the near future, hopefully, yields little change, and net worth
such basic issues will be addressed. is re-priced at market capitalisation. Once this re-
pricing is made, the magnitude of debt that is now
present is minuscule. When we look into the indus-
owing to fears of bankruptcy costs, and low supply
owing to fears of bank employees (which spread
from public-sector to private-sector bankers
through a Supreme Court ruling in 2016 about the
scope of the Prevention of Corruption Act). It can
be argued that firms are recoiling from the problems
that were experienced with high leverage. But the
peak leverage seen (debt:equity ratio of 1.85) was a
while ago (1991-92).
Some view low or near-zero debt
as a healthy foundation for sus-
tained growth in India. When
difficulties were faced with high
leverage strategies, is the answer to
go to zero debt? Is zero debt the opti-
mal design for an Indian business?
What do very low levels of corporate
debt imply for economic
dynamism? Three problems can
be identified.
Debt as a disciplining device:
A fundamental feature of corpora-
tions is the principal-agent conflict,
between the interests of sharehold-
ers and the interests of managers.
Managers want more money and less effort, and
they want to constrain the strategy of the firm to
stay within their capabilities so as to sustain their
biggest beneficiaries of this low-debt environment
are the managers who control the firm. They have
an easy time, in the context of Indian boards, which
mostly do not hold them accountable.
Everyone in the Indian business world knows
the dangers of excessive leverage. The main point
here is to also draw attention to the problems asso-
ciated with zero leverage. The truth lies in between,
in moderate and wise levels of leverage.
Solving this problem is primarily up to the dom-
inant shareholders of firms and the boards that rep-
resent them. This reasoning needs to feed into the
better working of boards. When boards do not exert
their oversight on corporate financial structure, there
will be a bias in favour of inefficient levels of gearing.
There are now myriad situations in India where the
chief executive officer is not a dominant shareholder.
In such situations, the shareholders and board mem-
bers need to push in favour of non-zero leverage.
Implementing such a strategy will face con-
straints. The bankruptcy process works poorly and
imposes an unreasonable level of costs. These factors
suggest the optimal level of debt is moderate and
not high. Against the backdrop outside each firm,
there is an array of difficulties in the supply side of
debt. Banks, the bond market, foreign borrowing:
All these pathways are hampered by weaknesses of
financial economic policy. For the typical non-finan-

Managing the rivers try structure of the debt, it is really found in only a
few industries like electricity: Leverage in most
industries is at astonishingly low levels.
Delhi floods show need for investment and preparation There has been much discussion about why this
grand phenomenon took place. Explanations
power. Shareholders want the firm to do well. In
this conflict, loading up on debt is good for the
shareholders. In a low-debt firm, the managers can
slack off. When debt is present, managers are under
pressure to create the cash required for debt ser-
cial firm, going from low debt to moderate debt will
be hard. The finance department of firms and of
group-holding companies will have to develop spe-
cial expertise in strategising and implementing the
borrowing programme.

T
he recent flooding in Delhi deserves careful investigation. Areas that include: Low demand owing to the macroeconomic vicing. Debt makes managers run harder. This cre-
had never before been flooded — even during periods of considerably environment with low investment, low demand ates economic dynamism. The writer is a researcher at XKDR Forum
heavier rainfall than has been the case this year — saw extensive
property damage due to waterlogging. How did this come about? The
government of Delhi has blamed the government of the neighbouring state of
Haryana, and there appears to be some justification in this complaint. The
Hathnikund barrage on the Yamuna, the upstream of where it flows through
Delhi, is controlled by the Haryana government, and the decision was taken to
The growing popularity of vegan foods
release 350,000 cusecs of water after heavy rain further north. This water should

P
lant-based high-protein foods appearing to
have flowed through the three more barrages on the section of the river that be non-vegetarian in look and taste — com-
adjoins Delhi, and through to Uttar Pradesh. But, it appears several gates of monly termed vegan foods — are gradually
one of the three barrages — the ITO barrage, which is also operated by the gaining popularity the world over. India, where a
Haryana government — had been silted up and could not be opened. As a con- sizable section of the population is strictly vegetar-
sequence, the water spread out into various areas of the city that are normally ian, or only an occasional meat eater, is no exception.
not subject to such severe flooding. The Haryana government’s only response Numerous food-manufacturing and -processing
to this accusation has been to point out that Haryana also suffered from floods. units, especially start-ups, have begun producing
wholly plant-based products mimicking the shape,
Once again, as with the apparently intractable problem of air pollution,
texture, and overall eating experience of conven-
the existence of multiple authorities with responsibilities for Delhi and its envi- tional animal products like chicken nuggets, seekh
rons has caused a disaster for its people. Preparedness for floods has undoubtedly kebabs, and sausages. This industry,
suffered, and so has establishing proper accountability for errors. There are, though in its infancy at present, is
however, additional questions to be asked. The 350,000 cusecs of water took expected to expand rapidly thanks to
some time to travel downstream as far as Delhi — no alarm was raised or emer- the huge domestic market and export
gency preparations made. While many areas that were flooded on this occasion potential. The Agricultural and
were long settled, others have been built on the floodplains of the Yamuna and Processed Food Products Export
are dangerously prone to flooding and to subsidence. The spread of concrete in Development Authority (APEDA) has
initiated a National Programme on
built-up parts of the city with no regard to the ability of the earth to soak up
Vegan Products to cater to overseas
excess water might also be a problem. demand for these foods. A beginning
Overall, however, the fact of urban development is not so much the problem has already been made in the export
as is the quality of urbanism and its administration. Solutions must be found,
for the growth of Delhi can hardly be stopped. The possibility of subsuming
of India-made vegan products with
the shipment of the first consignment
FARM VIEW
barrages along the Yamuna and other major rivers under one integrated authority of 5,000 kg of mini samosas, momos, SURINDER SUD
should be examined. State governments can, as constitutionally mandated, spring rolls, nuggets, grilled patties,
retain their authority over the flow of water through their territory; but they and some other stuff from Gujarat to
the US in September last.
clearly need assistance in maintaining and managing riverine infrastructure.
Optimism about this sector’s promising future
The Union government should commission a broader examination of the is based largely on the growing awareness about the
Yamuna flood plan to ensure that building and infrastructure development are health and environmental benefits of vegan foods
created in such a way that excess water is harvested, absorbed, or allowed to and the abundant availability of protein-rich agri-
flow downstream. Finally, additional infrastructure — new channels, de-sedi- cultural products, such as pulses, soybean, and even
mentation facilities, and firmer embankments — needs to be planned to enable some millets and cereals, which can serve as raw
the identification of storm surges and their diversion in a timely manner. The material for making these items. Jackfruit, available
Yamuna can neither be ignored nor avoided. Nor can other major Indian rivers. aplenty in India, is a good source of vegetarian ingre-
As India’s megacities grow, better ways of dealing with flash floods — increasingly dients to lend meat-like texture to plant-based meat
substitutes. The popularity of vegan foods got con-
common in the era of global warming — must be developed.
siderable traction during the pandemic, thanks to
the perception that these are good for building
immunity against diseases. This has accelerated the
growth of the “mock meats” industry.
A report published by the US Department of
Agriculture in May 2021 described India as “a bur-
geoning market for plant-based meat substitutes”.
It pointed out that the Indians had a long history
of consuming pulses, jackfruit, and dairy products
for protein and, therefore, tended to deem plant-
based meats as innovative, healthy, modish, and
environment-friendly alternatives to traditional
non-vegetarian foods. It also mentions that people
believe that these foods help pre-
vent non-communicable diseases,
digestive disorders, and obesity.
Another report, brought out by
the Organisation for Economic
Cooperation and Development
(OECD) last November, even while
acknowledging the growing accep-
tance of vegan foods, went a step
further to figure out the reasons
for this as well. It maintained that
the relatively low propensity for
consuming meat in India is
spurring an interest in the mod-
ern-style plant-based protein-rich
products. According to this report,
the consumption of meat in India in 2020 was
around 6 million tonnes, amounting to just over 4.5
kg per person. About half the country’s population
eat non-vegetarian meals only about once a week.
The demand for plant-based substitutes for meats,
on the other hand, is clocking a compound annual
growth rate of 5.8 per cent. This rate is bound to
accelerate, thanks to the increasing availability of
vegan foods, rising income levels, and changing
food habits. Besides, there are also some typical
India-specific religious and socio-cultural factors
that would sustain the growth momentum. There
are some 100-odd days in a year, including religious
festivals and the deemed pious occasions like
Navratris, when many of the frequent meat-eaters
also tend to shun non-vegetarian foods. Vegans can
be a good option for these people on such occasions.
Farm experts view the growing consumption of
vegan foods as a positive trend. Vegetarian foods
generally need much less land and water to produce,
and cause less pollution than animal products.
Besides, these have been found through scientific
studies to be healthier and more environment-
friendly substitutes for non-vegetarian foods.
Manufacturers of vegan foods can further enhance
their nutritional value by fortifying them with vita-
mins, minerals, antioxidants, and immunity-boost-
ing contents derived from microbes like fungi, algae,
or spirulina. The sale of such foods through digital-
marketing portals and their promotion through
social media is assisting in boosting their consump-
tion. The environmental benefits of vegan foods
have been validated scientifically as well. A study
conducted in Germany has concluded that even 5
per cent replacement of beef with vegetable proteins
in that country could slash carbon dioxide emissions
by 8 million tonnes a year.
That said, the fact also is that the vegan foods
sector faces some challenges, which it must overcome
to grow to its true potential. Indian consumers, by
and large, are cost-conscious. At present, most vegan
products are priced higher than the non-vegetarian
foods they are meant to replace. This issue needs to
be addressed through more investment in research
and development to bring down their cost without
sacrificing the taste, semblance, and other quality
attributes. Public-sector research centres engaged
in developing value-added products of major food
crops can take up this task for the benefit of food
processors and farmers, who are going to be the ulti-
mate beneficiaries of the vegan sector’s growth.
surinder.sud@gmail.com

Big histories for the future are in the midst of a major crisis and use
history to predict how the crisis might be
resolved. Both authors had predicted, by
a decade or more, that a period of great
crisis would arrive around 2020, though
neither foresaw a pandemic.
Turchin is a former theoretical
BOOK REVIEW biologist and a self-described specialist
in “cliodynamics,” a
FRANCIS FUKUYAMA variety of Big Data
analysis that makes
power needs to take place.
Howe’s book is a sequel to his 1997
work The Fourth Turning (written with
the political satirist William Strauss, who
died in 2007). The earlier text is one of the
Trump acolyte Steve Bannon’s favourite
books and its two authors were credited
with inventing the term “millennial” to
describe the
The Fourth Turning generation born
Is Here: What the from the mid-
Seasons of History
Each Turning produces its own
character type (“Prophet,” “Nomad,”
“Hero,” “Artist”). According to Howe, we
are now in the Crisis stage or “Fourth
Turning” of the Millennial Saeculum that
began after World War II. “Winter is here,”
he announces, and we can expect a new
First Turning sometime in the 2030s.
If this all sounds a bit too neat, it is. His
periodisation is very arbitrary. The
biggest sore thumb is the “High” of 1865
to 1886, a stretch of
years following the
crisis of the Civil War
labels “elite overproduction”. He claims
that his “cliodynamic” method
“assembles the huge body of knowledge
collected by professional historians and
then uses it in an objective scientific way.”
This approach, needless to say, is subject
to a number of problems.
The strangest is his concept of “elite
overproduction,” a phenomenon
whereby an upswell of people striving for
political or economic power threatens the
stability of a
End Times: Elites, society. Turchin is
Counter-Elites, and able to detect elite
the Path of Political overproduction in
described by historians and social
scientists in terms of “social
mobilisation” or “rising middle classes,”
byproducts of economic growth and
technological change. Six decades ago,
without recourse to modern Big Data
tools, the political scientist Samuel
Huntington could already observe, as
Turchin does, that political decay
occurred when there was a disjunction
between the rate of social mobilisation
and the ability of existing institutions to
incorporate these new players.
There is nothing wrong with meta-

O
ver the past decade, many
Americans have developed a
deep foreboding that their
society has fallen into crisis. Ever-
growing polarisation, economic
inequality and inflation have stoked a
feeling on both the left and the right that
the country’s once revered political
institutions have become dysfunctional
and illegitimate. Particularly since the
Russian invasion of Ukraine, the crisis
has taken on a geopolitical dimension,
leading many to fear that the present is
far more dangerous than any other
period in their lifetimes.
Against this background we have the
publications of Neil Howe’s The Fourth
Turning Is Here and Peter Turchin’s End
Times. Both books affirm the idea that we
predictions by 1980s through when a newly history: I myself presented a model of
applying
Tell Us about How Disintegration long-term modernisation in The End of
and When This Crisis the 1990s. reunified America so many historical
mathematical Will End Howe writes was born. He Author: Peter Turchin eras because he History and the Last Man, and noted
models to a huge that Anglo- describes this period has a flexible something like Turchin’s cycle of
Author: Neil Howe Publisher: Penguin definition of
database of prior America has gone of continuous institutional disintegration in Political
historical crises
Publisher: Simon & through five partisan struggle
Press “elite.” Who Order and Political Decay. The problem
Schuster
stretching back century-long when the country Pages: 352 qualifies as an elite is that even the most sophisticated
several millennia. Pages: 578 “saecula” and is could not decide today? The meta-history is not very useful in
Price: $32.50 Price: $28
He proposes a now at the end of whether it was a category making short-term predictions. Both
cyclical scheme of a sixth. Each fundamentally sometimes authors hedge their bets, so in place of
societal rise and subsequent saeculum encompasses four generations agrarian or urban-industrial society as a includes the top one per cent of the their rosy futures, they also suggest we
disintegration based on a “wealth pump,” corresponding to the seasons of the year. hiccup in his scheme; this “High” saw the income distribution, the top 10 per cent, may get catastrophic war, chaos and
whereby elites get richer and ever more There is a “High” (spring) period, a new reintegration of the South into the Union or any college-educated professional. prolonged breakdown, or simply more
entrenched. Inequality, if left unchecked, beginning; an “Awakening” (summer) on the basis of the institutionalisation of “Elite overproduction” suggests that of the same for another few decades.
grows to the point that the system when the next generation turns against Jim Crow. the number of elites in any given society You pick.
fragments and has to be rebuilt from the its parents; an “Unraveling” (fall) when Peter Turchin’s End Times frames the is subject to some kind of elite agency,
ground up. Such is the situation today in institutions start to decay; and a “Crisis” present and near future in similarly cyclic just as a corporation can decide how The reviewer is the author, most recently, of
America, where oligarchy has become so (winter) when everything falls apart, terms. Unlike Howe, though, he relies not many widgets to produce. In fact, this Liberalism and Its Discontents
extreme that a huge redistribution of preparing the way for a new saeculum. on generational turnover but on what he phenomenon has often been better ©2023 The New York Times News Service
 QUICK TAKE: HAVELLS INDIA: PLUGGING INTO GROWTH SOCKET “Going beyond the US Consumer Price Index, all

The Smart the other indicators are pointing not only to

Investor
(Stock price in ~) The stock of Havells India is down about 5 per cent over the resilient activity, but some are even accelerating.
past two trading sessions. However, ICICI Securities has a There is a risk that inflationary
pressures could re-accelerate
‘buy’ rating on the major power distribution equipment at the end of the year if the Fed
MUMBAI | manufacturer. It remains optimistic about Havells India were to stop prematurely”
MONDAY, 24 JULY 2023 due to its established competitive advantages and growth EUGENIA FABON VICTORINO
opportunity in white goods and durables Head of Asia Strategy, SEB

<

After less than explosive Q1, band subscribers. While subscriber

growth is expected to continue, a tariff
hike is a key trigger for the telecom busi-
ness. ARPU growth may be underwhel-
ming if prices are not hiked in the near
STREET
SIGNS

RIL stock to see no fireworks SUM-OF-THE-PARTS VALUATIONS TAKING STOCK

term. In the retail business, growth came
in at 19 per cent, led by the expansion of
its store network, which was up 16 per
cent. Robust growth in digital commerce
and new commerce, which account for 18
Street buckles up for fresh turbulence
Domestic equities could witness fresh
turbulence as the Street weighs up earnings
announcements by blue-chip firms such as
Recent rally, soft outlook per cent of sales, and the consolidation of
newly acquired businesses also aided the
Reliance Industries (RIL), ICICI Bank, and Kotak
Mahindra Bank. “RIL’s earnings were not up to
Segment Enterprise value per share (~) Base = 100
for O2C business may RIL Sensex top line. While the company added 555 the mark, but not disastrous either. Another
Retail 1,156 Nifty50 new stores in the quarter, taking the total round of corrections on Monday cannot be
pull stock down Telecom 640
120 to 18,446, this was lower than the 800- ruled out. Well, markets have become
plus run rate witnessed in the earlier expensive and are looking for a reason to
RAM PRASAD SAHU Refining 353 quarters. Footfall at 249 million was up correct,” observes Ambareesh Baliga, an
110
Mumbai, 23 July Petrochemical 353 42 per cent, while the total area at 70.6 per independent market analyst. The National
Upstream 155 100 cent was up 55 per cent YoY. Stock Exchange Nifty finished last week at

T
he stock of India’s most-valued
listed company, Reliance
Industries (RIL), could remain
under pressure after lower-than-expected
2023–24 (FY24) April-June quarter (first
quarter, or Q1) results, a run-up in share
price in July, and downgrades by a clutch
of brokerages.
RIL’s global depository receipts ended
5.86 per cent lower on the London Stock
Exchange on Friday. While the stock has
been on an uptrend since its March lows,
gaining 25 per cent since, as much as half
of those gains have come in just the past
three weeks.
Analysts at Emkay Research, led by
Sabri Hazarika, have downgraded the
stock to ‘hold’ due to the recent stock run-
up (off the back of the Jio Financial
Services demerger) and range-bound
business outlook.
What has weighed on its performance
is the oil-to-chemicals (O2C) segment and
a soft near-term outlook. Even as overall
consolidated revenues were down 5 per
cent year-on-year (YoY), the O2C business
reported a 17 per cent decline in sales. The
business accounted for 57 per cent of the
consolidated revenues and 36 per cent of
RIL’s operating profit in the quarter.
The revenue decline was largely due
to a sharp slide in crude oil prices (31 per
cent YoY) and lower price realisations of
downstream chemicals. Fuel cracks were
at record levels in the year-ago quarter.
The firm indicated that Chinese
demand after the reopening of its econ-
omy was slower than expected, affecting
demand. Further, producers and interme-
diaries continue to destock in view of
slowdown fears and high-cost inventory,
which depresses the prices of downstream
products.
Analysts Rohit Nagraj and Jay Bharat
Trivedi of Centrum Research expect the
O2C business to remain soft in the near
New energy
Others
Total
Adjusted net debt
Equity value (target price ~) 2,660
Source: Emkay Research
term with normalisation in fuel cracks
and weak deltas due to a muted global
demand environment. The brokerage
continues to maintain a ‘buy’ rating.
The strong growth in consumer busi-
nesses was able to partly offset the impact
of the dip in O2C business.
In the telecommunications (telecom)
business, the company reported strong
subscriber additions as well as an
improvement in the average revenue per
user (ARPU).
Net subscriber additions of 9.2 million
in the quarter were better than brokerage
estimates, which had pegged the same
figure at about a million lower. The 7 per
cent gains in subscribers YoY and 2 per
cent quarter-on-quarter were, according
100
111
124
109.6 90
2,892
109.3
233
109.1
80
Dec 30,’22 Jul 21,’23
to the company, a consequence of the
increased presence and wider coverage of
4G and 5G networks, leading to higher
adoption as well as retention.
Subscriber additions for the wireline
(broadband) business have also been
strong and are estimated to have risen by
25 per cent to 830,000 subscribers. The
subscriber base in broadband is up 50 per
cent YoY due to new tariff plans and better
product offerings. What is positive is that
most of the new acquisitions are in the
postpaid segment, resulting in higher
realisations. ARPUs, which came in at
~180.5, were up 2.8 per cent and 1 per cent
sequentially, compared with the year-ago
quarter. The growth was due to a better
subscriber mix and an increase in broad-
Within segments, it was grocery, with
a growth rate of 55 per cent, that stood
out. In addition to acquisitions, growth in
the segment was led by promotions, a rise
in the share of general merchandise,
higher sales of JioMart, and new com-
merce channels. The company indicated
that it was looking at growing the share of
non-food or general merchandise sales,
which could aid in pushing up the oper-
ating profit margins.
In addition to higher efficiencies and
scale, the growing share of the non-food
business, which has been rising over the
past few quarters (along with fashion and
lifestyle), aided retail margins.
While growth in the fashion and life-
style segment was at 15 per cent YoY, on a
sequential basis, the uptick was led by
jewellery and AJIO promotions.
The growth in the electronics segment,
at 14 per cent, was lower than the overall
retail growth. A rising share of grocery
(especially non-food businesses) at the
cost of non-core connectivity businesses
has led to a 3-5 per cent increase in oper-
ating profit as well as the retail valuation
multiple of Emkay Research.
19,745, down 234 points, or 1.2 per cent — the
most in four months. Technical analysts say a
key support level for the Nifty is around 19,700,
and a breach of this level may lead to a
substantial correction.
Freak trade or technical issue?
The Morgan Stanley Capital International (MSCI)
India Index witnessed a sharp drop of over 9
per cent on Friday, stunning exchange-traded
funds and other index trackers. The steep fall
came regardless of the benchmark S&P BSE
Sensex and the National Stock Exchange Nifty
indices dropping just 1.5 per cent. While MSCI
India’s value was soon corrected, it left market
players guessing if the sudden drop in the
index was due to a freak trade or a technical
issue. Some analysts said the fall could be due
to the adjustment in the price of Reliance
Industries, which, a day earlier, spun off its
financial services unit. A few others suspected
freak trades amid weakness in information
technology stocks. An official query was sent to
MSCI on the issue.
IPO booster shot for
Yatharth: GMP at 25%
The grey market premium (GMP) for Yatharth
Hospital and Trauma Care Services is hovering
around 25 per cent ahead of its initial public
offering (IPO). The Noida-based multi-care

It’s a bird, it’s a plane, it’s Advantage BAFs: MFs line up hospital chain’s ~687 crore IPO opens on
Wednesday and closes on Friday. The price
band for the IPO is ~285–300 per share.
Yatharth is looking to raise ~490 crore in

equities in a Superman cape funds amid market surge fresh capital, which will be used to retire
debt and fund expansion. At the top end,
the hospital chain will be valued at ~2,576
After March 24 nadir, equities forge UTI MF launches new fund; 360 ONE and Bajaj Finserv file papers crore. For the year ended March 2023, the
company reported a net profit of ~66 crore
a comeback for the annals ABHISHEK KUMAR on revenues of ~520 crore.
Domestic equities have staged a strong comeback Mumbai, 23 July
BALANCING ACT Equity allocation (%) Contributed by SAMIE MODAK & SUNDAR SETHURAMAN
from their lowest point this year on March 24. In Expecting demand to pick up in the BAF equity allocation is indicative of risk
exactly four months, the Sensex surged more than midst of a spike in equity valuations, perception of fund managers
10,000 points and the Nifty added over 3,000 mutual fund (MF) houses have lined
55.01 68.34 55.68
EVENTS THIS WEEK
points before giving up some gains on Friday. Still, up new fund offerings in the balanced 60.58 49.53
the Sensex and the Nifty have returned 15.92 and LEADERS AND LAGGARDS* advantage fund (BAF) category. Date Particulars
16.5 per cent, respectively, since March 24. India UTI MF launched its BAF on 40.74
Sector Change (%) Jul 24 n US - Chicago Fed national
has outperformed both the Morgan Stanley Friday, an open-ended dynamic asset
Nifty Realty 40.7 allocation fund; two more — 360 ONE activity index, S&P global
Capital International (MSCI) World and the MSCI manufacturing, services &
Nifty Auto 28.7 and Bajaj Finserv — filed papers with
Emerging Markets indices, which have gained 12.5 HDFC ICICI Pru SBI Kotak Edelweiss Tata composite PMI data
Nifty PSU Bank 28.0 the capital markets regulator to launch
per cent and 4.7 per cent, respectively. All sectoral their funds. BAF BAF BAF BAF BAF BAF n UK - S&P global UK
indices have posted gains since March 24, but tech After the launch by UTI MF, only Data as of June 30 Source: Value Research manufacturing, services &
and commodity stocks have been laggards. Nifty IT 6.1 nine of the 42 fund houses do not have composite PMI index
SUNDAR SETHURAMAN a BAF offering in their product basket.
Nifty Commodities 12.8 n Eurozone - Eurozone
BAFs invest in a mix of debt and equity At the end of June, equity was on newly launched BAF will manage
Nifty Energy 14.3 manufacturing, services &
and are considered less risky than the lower side in BAF portfolios, yet asset allocation based on four
BOUNCING BACK pure-play equity schemes. higher than the November 2022 levels, valuation factors. composite PMI index
SENSEX STOCKS BAF managers have the flexibility when some of the funds had substan- “As of end-June, the model has n Japan - Jibun Bank Japan
Mar 24 Jul 21 Change (%)
Change (%) to shift their mix between equity tially reduced equity allocation. suggested a net equity allocation of manufacturing, services &
Sensex 57,527 66,684 16 and debt depending on market The markets had peaked last about 61 per cent. However, the fund composite PMI
Tata Motors 50.3
Nifty50 16,945 19,745 17 IndusInd Bank 39.3 conditions. They aim to provide December and then declined as much will allocate assets as determined by n Results: Tata Steel, SRF
Nifty Smallcap 100 8,924 11,530 29 downside protection during market as 10 per cent before starting their the proprietary model at the time of Jul 25 n US - Conumer confidence
Bajaj Finance 34.2 downturns and capture the upside upward journey once more at the end portfolio construction,” he said.
Nifty Midcap 100 29,565 36,800 24 figure, Richmond Fed
during market rallies. of March. Since this year’s lows on The last time there was a flurry of
The proportion of equity and March 24, the benchmark indices have launches in the BAF category was
manufacturing index
India Mcap (~ trn) 252 302 20 Infosys -3.6 debt in BAFs is seen as an indication gained more than 15 per cent, pushing during the second half of calendar year n Results: Asian Paints, Bajaj
MSCI World 2,693 3,030 13 HUL 5.0 Auto, Jubilant FoodWorks, L&T,
of the fund manager’s assessment of valuations above long-term averages. 2021, when overvaluation concerns
MSCI EM 972 1,018 5 HCLTech 6.2 the market scenario at any given point Ajay Tyagi, head of equities, UTI gripped investors after an extended SBI Life, Tata Motors
*Change since March 24 Source: Bloomberg; Compiled by BS Research Bureau in time. Asset Management Company, said its run-up in the makret. Jul 26 n US - MBA mortgage
applications, new home sales,
FOMC rate decision
n Results: Axis Bank, Bajaj

‘Expect India to outperform peers in six months’ Finance, BPCL, Cipla, Colgate,
Dr Reddy’s Labs, Tata Consumer,
Tech Mahindra
Jul 27 n US - GDP, personal
There has been no stopping the Indian markets these past few weeks as they have the business thesis has changed. Telecommunications (telecom), We have sharp year-on-year (YoY) consumption, durable goods
scaled fresh peaks. VINAY JAISING, managing director of portfolio management services In such cases, investors can swap and financials, especially banks, and disinflation in energy prices, which orders, initial jobless &
at JM Financial Services, tells Puneet Wadhwa in an email interview that in case the US start accumulating stocks in capex- automotive should outperform. The should suppress headline inflation continuing claims, wholesale
undergoes a strong recession, Indian markets can also fall or have a time-wise linked sectors. underperformers will be from the numbers this quarter, so this is not a big
inventories, pending home
correction. Investors, he observes, should add stocks on every decline. Edited excerpts: agriculture, metals, and specialty concern area for us.
What are your expectations from the chemical sectors. sales data
Do you think the markets can sustain expect it to be steep. 2023–24 (FY24) April–June quarter Stocks of new-age companies have done n Eurozone - ECB main
their current levels? results season? Is food-led inflation likely to become well. Is there any merit in the run-up? refinancing rate decision
Since April, the Indian market has been What has been your investment We expect 10 per cent revenue growth a sore point for the markets over the For new-age companies, although n Results: Bajaj Finserv, Bajaj
the second-best performer after the strategy these past few months? (on average) for India Inc in the June next few months? valuation has become attractive and the Holdings, Bharat Electronics,
Japanese (Nikkei) equity market. We have started focusing a lot more on quarter and a profit after tax growth of results of some have been better than Indian Hotels, Nestle,
However, calendar year-to-date, domestic-facing sectors, especially about 25 per cent. The stellar expected, we have concerns about Shriram Finance
Morgan Stanley Capital International those related to capital expenditure performance in the June valuation and their relatively higher cost
Jul 28 n US - Personal income &
India has been a relative (capex). Defence, water quarter should come JIO FINANCIAL of capital. As a strategy, we are avoiding
spending figures, University of
underperformer, and a treatment, power from oil-marketing them. Instead, we prefer credit card
lot of our rich historic equipment, and building companies, capex- SERVICES SHOULD companies, quick-service restaurants, Michigan Sentiment Index
relative valuations have
time-corrected.
material companies,
including cement, are all
linked plays, and
industrials.
MAKE A BIGGER DENT and telecom companies over them as
proxies. Also, many new-age names have
UK — nationwide house price,
Eurozone - Consumer
On an absolute linked to the capex growth of IN THE FINTECH NAMES financial technology (fintech) confidence data
valuation, though, we are at
our peak index level but
VINAY JAISING the country. This trend, we
believe, is only growing.
AND NBFCs FOCUSING competitors like Open Network for
Digital Commerce, Bima Sugam, and
n Japan - BOJ policy balance
Managing Director- rate decision, Tokyo CPI
trade close to the last five- PMS, JM Financial ON RETAIL IN INDIA Unified Payments Interface, which
n Results: Indian Oil,
year average. Our earnings Services Are foreign institutional could change their business dynamics.
growth trajectory — at a 15 investor (FII) flows likely to THAN THE BANKS” Marico, SBI Cards
per cent compound annual growth rate sustain over the next six to 12 months? How will Jio Financial Services Jul 29 n Results: NTPC
in the next two years — is on the The Indian currency has depreciated in (JFS) shake things up for the banking Source: Bloomberg
upswing, compared to the rest of the double digits since January 2022, and and non-banking financial company Compiled by BS Research Bureau
PHOTO: KAMLESH PEDNEKAR

world, where we expect increasing
interest rates for at least a quarter and a
possible recession, as showcased by the
US’ inverted two-year and 10-year
interest rates.
We may end the year contributing a
sixth of the incremental world gross
domestic product.
Thus, India is relatively
expected to outperform its peers in the
next six months. In case the US
undergoes a strong recession, Indian
markets can also fall or have a time-
wise correction. However, we do not
FIIs withdrew as much as $19 billion in (NBFC) spaces?
2022. We estimate this led to FII We are bullish on the loan book growth
ownership in India falling from 21 per
cent to nearly 18 per cent.
for banks and NBFCs, which has been
steady at over 15 per cent in the past 15
TOP BULK DEALS
A stronger rupee due to lower months, against 11–12 per cent Date Scrip Client Price(~)
commodity prices and resilient historically.
exports should further help FII However, we believe that net interest
Jul 18 Amara Raja Clarios Arbl Ho 653
inflows into the country. margins seem to have peaked. Finance Batteries lding (S)
companies will largely normalise their Jul 18 Amara Raja Societe Generale (B) 652
Is it time for investors to take some earnings in FY24. On a YoY basis, their Batteries
money off the table? loan book growth should largely equate Jul 18 Rallis India Jhunjhunwala 215
Investors should add stocks on every with net profit growth.
Rekha (S)
decline. Certain investments or stocks
*Quantity in million; (B)-Buy (S)-Sell Source: Exchanges
have become extremely expensive, or More on business-standard.com
.
MUMBAI | MONDAY, 24 JULY 2023 PERSONAL FINANCE 11 <

Fake licence: Renewal Delay in filing claim for flood

won’t make it valid
Akshay countered that even if the
original licence was counterfeit, its
subsequent renewal by the Kaithal
RTO, which had been done legiti-
mately, made the licence legally valid,
and hence the claim should be settled.
The District Forum backed
damage risks rejection
Refrain from commencing repairs until the insurer’s surveyor has inspected your house or car
SANJAY KUMAR SINGH & sions that apply in his policy. Digit Insurance.
KARTHIK JEROME “Claim up to the deductible One consequential damage
amount is not payable. that occurs is if the customer

S
Akshay’s complaint, directing the everal parts of North India Exclusions mentioned in the tries to switch on the engine after
insurer to settle the claim by paying were ravaged by floods in policy document are also not it has got flooded. This can lead
~1,85,579 for the assessed repair costs July. The Insurance covered,” says Dahuja. to hydrostatic locking of the
and ~5,000 as compensation. The Regulatory and Development engine—a damage that is expen-
CONSUMER PROTECTION insurer challenged this order, but its
appeal was subsequently dismissed by
Authority of India (Irdai) has
urged insurers to fast-track
Steps the insured should
take: The insured should inform
sive to repair. “Such damage will
only be covered if the customer
JEHANGIR B GAI the Haryana State Commission. flood-related claims. It has the insurer about the damage has purchased the engine pro-
Unsatisfied with the decision, asked them to activate and pub- immediately via email or phone tection add-on cover,” says Saraf.
Akshay Deep Singh, the owner of a the insurer filed a revision petition licise 24-hour helplines and set calls to the toll-free number. He also recommends that cus-
TATA LPT-909 vehicle, had his vehicle challenging the orders of the District up special desks at the district “Don’t delay in informing the tomers purchase add-ons like
covered under an insurance policy Forum and the State Commission. level with dedicated teams to insurer. The longer you wait, the zero depreciation cover and cost
purchased from New India Assurance’s In its judgment, the National process claims speedily. If more difficult it becomes to get of consumables cover.
Kaithal Branch. The policy was Commission pointed out that there your house or vehicle was a claim,” says Mehta. VALIDATE CLAIM Motor insurance
n Duly filled insurance
valid from August 23, 2011 and August were four RTO offices in Hyderabad,
22, 2012. but the surveyor had only sought clar-
affected by the recent inunda-
tion, and you have insurance
The insured should also take
reasonable steps to prevent
WITH PROPER claim form Steps the insured should take:
The insured should disconnect
On January 28, 2012, while being ification from one that the driving
driven from Ladwa to Kurukshetra, the licence had not been issued by it. It
covers for them, apply for claim
settlement without delay.
further loss or damage to the
house and its contents.
DOCUMENTATION n Vehicle's registration
certificate
the battery. He should then
inform the insurer and have the
vehicle was involved in an accident. pointed out that Singh should have “The insured needs to sub- Home insurance n Copy of driver’s licence vehicle towed to the workshop
Singh informed his insurer and sub- made an effort to verify the authentic- HOME INSURANCE mit a claim form with the details n Duly filled insurance recommended by the insurer.
claim form n Photographs or videos
sequently submitted a ity of Ramdhan’s driving Is flooding covered? If you of his policy. This should be The workshop generally pro-
claim, comprising ~3,000 The National licence, but he had not have an insurance cover for your accompanied by photographs or of the submerged vehicle vides support in evacuating the
n Layout plan of the
for towing charges and Commission done so. Moreover, it home and its contents, you will videos of the flooding to justify building or affected area vehicle from the flooded spot.
~2,28,319 for repairing the further noted that Akshay did not receive compensation for dam- the damage. The insured should (if required by the insurer) The insured should also take
damaged car. The insurer concluded that even take the plea that he age due to inundation. Says also submit an estimate of the photographs and film videos of
then appointed a surveyor, even a genuine had employed Ramdhan Kapil Mehta, co-founder, Secure cost of repair from a contractor,” n Loss estimates and the interiors and exteriors of the
who evaluated the loss at and valid under the misconception Now: “Storm, Tempest, Flooding says Mehta. engineer’s quotation for car at the site where it was
~1,85,579. On September 6, renewal cannot that he possessed a valid and Inundation (STFI) risk is a The insurer will follow a few repair or construction flooded to support his case.
2012, the insurer repudi- legitimise an licence. Given that Singh standard component of most standard procedures. “An n Photographs and videos A surveyor appointed by the
ated the claim on the originally chose not to contest the home insurance policies. Since investigator will survey the of the flooded area insurer and the experts at the
ground that the driver of counterfeit revision proceedings flooding is an Act of God, claims home and its contents and take workshop will then determine
the vehicle did not hold a driving licence lodged by the insurer, for it generally get covered.” photographs. The insured the extent of damage.
valid driving licence. despite having been Any damage that was pre- must answer the surveyor’s
Aggrieved by the repudiation, awarded and paid the cost of defence, existing in nature is not covered. questions truthfully regarding case the physical copy gets lost. The policy will cover the cost Mistakes to avoid: Customers
Singh filed a complaint with the the Commission felt that it had no “If the surveyor assesses that the the damage to his home and If the insured raises ques- of retrieving a fully submerged should not attempt to drive their
Kaithal District Consumer Forum. In option but to accept the insurer’s damage was due to the insured’s contents,” says Dahuja. tions about the claim, don’t react vehicle and repair or replace- cars through flooded areas. Any
its defence, the insurer maintained submissions. negligence, or due to lack of angrily. “Answer all the questions ment of its damaged parts. damage due to such driving is
that the repudiation was warranted The National Commission further proper maintenance, or the Mistakes to avoid: The insured rationally instead of arguing or If the flood water enters the considered consequential loss,
since Ramdhan Mewa Singh, the concluded that even a genuine and insured failed to take preventive should not sell, remove or fighting,” says Mehta. cabin or the engine, then flush- which is not covered.
driver at the time of the accident, valid renewal cannot legitimise an measures, the damage will not replace any of the damaged ing and cleaning of the engine The key mistake customers
didn’t possess a valid driving licence. originally counterfeit driving licence. be covered. Any deliberate or items for which he is making a MOTOR INSURANCE and other affected parts will be should avoid is attempting to
The insurer drew attention to the fact Consequently, by its order dated July wilful loss is also not covered,” claim without the insurer’s Will the claim be covered? If covered under the Own Damage start the vehicle once the engine
that the licence produced was first 6, 2023, delivered by Justice Sudip says Shashi Kant Dahuja, chief approval. He should also not the policyholder only has the policy. However, the insured has got flooded. “Any attempt to
issued by the Hyderabad Licensing Ahluwalia and Inder Jit Singh, the underwriting officer, Shriram carry out any repairs without mandatory third-party cover, can’t make a claim for any con- start the vehicle can damage the
Authority, and was later renewed by National Commission deemed the General Insurance. the surveyor’s approval, unless then damage caused by flooding sequential loss that occurred engine and other electronic
the Kaithal Regional Transport Office insurer’s repudiation to be justified. It The basement, which is most it is urgent. will not be covered. “Damage during the floods, damaging the equipment. Such damage is not
(RTO) in Haryana. However, upon ver- set aside the orders of the District vulnerable to flooding, should The insured should avoid due to flooding will only be cov- engine and other parts. covered by a standard motor
ification, it was discovered that the Forum and the State Commission and have been reported at the time exaggerating the cost of repair ered if the policyholder also has “Negligence can lead to water insurance policy,” says Jha.
Hyderabad RTO had not issued such a dismissed the complaint. of purchasing the policy. “If you and instead provide a reasonable the Own Damage component of seeping into different parts of the As mentioned above, you
licence, thereby proving the document did not report it, your claim assessment. motor insurance,” says Sandeep car. Such damages are consid- will have to pay for the repair of
to be a forgery. The writer is a consumer activist could be rejected,” says Mehta. Always keep a soft copy of the Saraf, head-motor insurance ered consequential damages, this damage out of your own
The insured must under- insurance contract in your email, renewal, claims and customer which may not be covered,” says pocket unless you have the
stand the deductibles and exclu- Google Drive, Dropbox, etc, in experience, Policybazaar.com. Kunal Jha, head-motor product, engine protection add on cover.

ALTUM CREDO HOME

FINANCE PVT. LTD.
CIN: U65999PN2016PTC166384
Regd. Office : 1st Floor, Shop U39,
Gayatri Complex, Near Janta Sahakari
Bank Ltd, A/P Chalisgaon – 424101.
Notice: Relocation of Branch
This is to notify that general public and
customers that its branch in Chalisgaon is
being relocated. Please visit our website at
www.altumcredo.com or call us on
020-27293709/10 for further assistance
or support.

THE MEHSANA URBAN CO-OPERATIVE BANK LTD.

(Multi state Scheduled Bank)
Corporate Building, Head Office Mehsana (Gujarat) - 384002
Tel.No.02762-257233 - 257237
PUBLIC NOTICE
All the customers & shareholders of our Borivali (East) Mumbai Branch
are hereby intimated that the existing Borivali Branch is to be shifted
to Udhana Road, Surat (Gujarat) as per permission received from
Reserve Bank of India w.e.f. 16 th Sep 2023.
We therefore request the customers to continue their banking with
nearby our Branch Borivali (West) , Malad (East) or Any Branch of
Bank or through Net Banking.
Prior Notice is hereby given to public so that they may not face any
difficulty. For any enquiry, contact Manager, Borivali ( East ) Branch
No. 9167238694, 8169976709.
For The Mehsana Urban Co-op. Bank Ltd.
Place: Mumbai. (V. M. Patel)
Date: 24-07-2023 Chief Executive Officer
12
>
MUMBAI | MONDAY, 24 JULY 2023 1

Asset Recovery Management Branch:

21 Veena Chambers Mezzanine Floor, Dalal Street,
Near Bombay Stock Exchange, Fort, Mumbai-400023.
Email: ubin0553352@unionbankofindia.bank
E-AUCTION SALE NOTICE (UNDER SARFAESI ACT)
E-AUCTION SALE NOTICE FOR SALE OF IMMOVABLE ASSETS UNDER THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 READ WITH
PROVISON TO RULE 8 (6) OF THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002.
Notice is hereby given to the public in general and in particular to the Borrower(s) and Guarantor(s), that the below described immovable property mortgaged / charged to the Secured Creditor, the Symbolic Possession of which has
been taken by the Authorised Officer of Union Bank of India (Secured Creditor) will be sold on “AS IS WHERE IS”, “AS IS WHAT IS”, “WHATEVER THERE IS” AND “WITHOUT RECOURSE BASIS” on Dated 10.08.2023 in between
11:00 AM to 04:00 PM, for recovery of respective amounts, due to the Union Bank of India (Secured Creditor) from the respective Borrower(s) and Guarantor(s) as mentioned below. The Reserve Price and Earnest Money Deposit will
be as mentioned below, For details terms and conditions of the sale, please refer to the link provided in Union Bank of India (Secured Creditor) website i.e. www.unionbankofindia.co.in. Bidder may also visit the website https://www.
ibapi.in The under mentioned properties will be sold by Online E- Auction through website : www.mstcecommerce.com on Dated 10.08.2023 for recovery of respective amounts plus interest and other expenses in the respective
borrowers accounts.

Online E- Auction through website : www.mstcecommerce.com

Date & Time of Auction: 10-08-2023 at 11.00 A.M. to 04.00 P.M.
Lot a) Name of the Borrower a) Reserve Price Debt Due Contact Person and Mobile No. Encumbrance
No b) Name of the Brach In Rupees Inspection Date / Time -----------------
c) Description of Property b) Earnest Money Possession
d) Name of the Owner/s Deposit (Emd) (In Symbolic/Physical
Rupees )
1 a) M/s Shri Om Impex a) Rs. 97,25,000.00 Rs 13,03,31,302.15 (Rs.Thirteen Crore Three Lakh Thirty One Thousand Three Hundred Two Not known to A.O.
b)Asset Recovery Management Branch b) Rs. 9,75,500.00 and Paise Fifteen only) as on 31.08.2015 plus further interest thereon w.e.f 01.09.2015 (as per Physical Possession
c) Flat No. 1202, 12th floor, Poonam Tower, Plot No. C-1,2,31, Sector-20, demand notice) at applicable rate of interest, cost and charges till date minus recoveries thereafter
Nerul-400706 admeasuring 700 Sq Ft carpet + Flower Bed area of 161.25 Sq.ft. Mr.Uttam Bandgar - 8668196378 / Mr. Abid Attar - Mobile No. 8928211305
d) Mrs. Darshnabehan Ravi Shah 28.07.2023 Time : 3.00 PM to 5.00 PM
2 a) M/s Eternity Globtex Pvt Ltd and M/s Enigma Fusion Texprint Pvt. Ltd. a) Rs.4,45,00,000.00 Rs.13,56,50,620.10 (Rs. Thirteen Crore Fifty Six Lakh Fifty Thousand Six Hundred Twenty Not known to A.O.
b) Asset Recovery Management Branch b) Rs.44,50,000.00 and Paise Ten Only) in account of M/s Eternity Globtex Pvt Ltd as on 31.12.2022 plus further Physical Possession
c) Residential open plots bearing computerized revenue survey no 175/2 paiki interest thereon w.e.f 01.01.2023 at applicable rate of interest, cost and charges till date.
plot nos. 1 to 79, three common open plots bearing computerized revenue Rs. 26,47,78,926.51 (Rs. Twenty Six Crore Fourty Seven Lakh Seventy Eight Thousand Nine Hundred
survey no 175/2 paiki plot nos. 80 to 83, Mahatma Gandhi College road, Twenty Six and Paise Fifty One Only) in account of M/s Enigma Fusion Texprint Pvt Ltd as on 31.12.2022
Bhutsad, Taluka Jalalpore, Navsari admeasuring 12303.00 Sq mtrs plus further interest thereon w.e.f 01.01.2023 at applicable rate of interest, cost and charges till date.
d) Mr Jagdishbhai Amrubhai Kachhadiya, Mr Pankajbhai Madhubhai Mr. Uttam Bandgar- Mobile No. 8668196378 / Mr. Abid Attar - Mobile No. 9763710948
Sheladia and Mr. Yogesh Govindbhai Dhorajia 28.07.2023/ 11.00 AM to 1.00 PM
3 a) M/s Vaidehi Enterprises a) Rs. 1,44,00,000.00 Rs. 3,96,25,136.28/- (Rs. Three CroreNinety Six Lakh Twenty Five Thousand One Hundred Not Known To A.O.
b) Asset Recovery Management Branch Mumbai b) Rs.14,40,000.00 Thirty Six and Paisa Twenty Eight Only) as on 30.06.2023 plus further interest thereon w.e.f. Physical Possession.
c) All that piece and parcel of Shop No 410, 4th Floor, Aastha Corporate 01.07.2023 at applicable rate of interest, cost and charges till date
Capital, VIP Road area, Village Bharthana Vesu, Surat, Gujarat- 395007 Ms Pratibha Mulik -9769972090/ Mr Girish Deshpande :- 9975038389
admeasuring 2252.00 Sq ft Carpet area & 4100.00 Sq ft Built up area . For inspection date 05.08.2023 Timings 12;30 Pm to 2;30 Pm
d)Owner: Mr Suresh Goyal & Mr Ajay Tarachand Bhutara.
4 a)M/s. Bokadia Synthetic Mills M/s. Priya Textiles a) Rs.6,34,00,000.00 A) Rs.14,95,21,783.58 (Rupees Fourteen Crores, Ninety Five lakh, Twenty one Thousand, Not Known To A. O.
b)Asset Recovery Management Branch Mumbai. b) Rs. 63,40,000.00 Seven Hundred Eighty Three and Paise Fifty Eight only) in the account of M/s. Bokadiya Except:1 ) As informed by the Chairman
c)All that piece and parcel of Flat No.181, 18th floor, Jolly Maker Apartment /Secretory of Society, there are approx.
Synthetic Mills, as on 30.06.2023 plus further interest thereon w.e.f. 01.07.2023 at applicable
No. II of Abhilasha Premises CHSL, Plot No.94, Opp.World Trade Centre, rate of interest, cost and charge till date. dues of Rs.21.31 Lakh pending for Flat
Cuffee Parade, Mumbai-400005, admeasuring 1735 Sq. Ft Built up area along No.181. The same will be borne by the
B) Rs.15,50,70,633.52 (Rs. Fifteen Crores, Fifty Lakh, Seventy Thousand, Six hundred Thirty Three
with open car parking buyer and that in turn shall increase
and Paise Fifty Two Only) in the account of M/s. Priya Textile as on 30.06.2023 plus further interest
d) Owners:-Jointly Owned by Shankarlal Lalchand Jain, Mrs Bhanwaridevi thereon w.e.f. 01.07.2023 at applicable rate of interest, cost and charge till date. the purchase price of the property. 2)
Shankarlal Jain, Mr Jayantilal Shankarlal Jain, Jitendrakumar Shankarlal Ms.Pratibha S Mulik _9769972090 Mr Girish Deshpande:-9975038389 Also Sales Tax Dues to the tune of
Jain, Mr Sudhirkumar Shankarlal Jain Date :-07.08.2023 Time:- 11;00 AM to 1.:00 PM. Rs.4,62,27,317/- are pending in case
of Tuff Enterprises and Sales Tax dept
had issued letter to society regarding
attachment of flat mortgaged with us.
The property is in physical possession of
Union Bank Of India
5 a)M/s Hotel Jaltarang Pvt Ltd & M/s Gajalee Coastal Foods Pvt Ltd a) Rs. 32,72,88,000.00 M/s Hotel Jaltarang Pvt Ltd Rs.11,90,89,215.00 (Rupees Eleven Crore Ninty Lakh Eighty Nine Not Known
b) Asset Recovery Branch, Mumbai b) Rs. 3,27,28,800.00 thousand Two hundred Fifteen only) as on 31.03.2023 plus further interest, cost & expenses Symbolic Possession
c) Commercial premises Unit No. 111to 124 in basement, Ground floor, first M/s Gajalee Coastal Foods Pvt Ltd Rs. 5,24,09,727.00 (Rupees Five Crore Twenty Four Lakh
floor along with exclusive terrace garden and unusable open space in building Nine tohousand Seven hundred Twenty seven only) as on 31.03.2023 plus further interest, cost
known as Amrapali Premises Co-op Soc Ltd on land bearing sub plot no.6 of & expenses
plot P/8 of fourteen co-op hos soc of JVPD scheme V L Mehta Rd,Vile Parle (w) Mr Sudhakar Galav - Mob No. 9662128842 Mr. Vaiswanar Pathak - Mob No. 9334527760
Mumbai. Carpet Area adm 6316 Sq Ft including open terrace area of 3500 sq ft 08.08.2023 / 3:00 pm to 5:00 pm
d) M/s Hotel Jaltarang Pvt Ltd through its directors Mr Madhukar Sanjeeva
shetty, Mr Chandrakant Sanjeeva shetty and Mr Sharad Sanjeeva shetty
6 a) Praful N Satra a) Rs. 13,84,10,000.00 Rs. 12,37,61,631.79/- (Rupees Twelve Crore Thirty Seven lakh Sixty one thousand Six hundred Not known to A.O.
b) Asset Recovery Management Branch b) Rs. 1,38,41,000.00 thirty one and seventy nine paisa only on 31.03.2023 plus further interest thereon w.e.f 01.04.2023 Symbolic Possession
c) Flat no 1404, 14th Floor, building LE 88 Mahim Bandra Reclamation near at applicable rate of interest, cost and charges till date (CMM order Received)
MTNL office Bandra west adm built up area 4941 sq ft Mr.Sudhakar Galav-Mobile No. 9662128842 /Mr. Vaisnawar Pathak - Mobile No. 9334527760
d) Mr. Praful N Satra 06.08.2023 Time: 3.00 PM to 5.00 PM
7 a) Mr Rahul Rajkumar Pathak a) Rs. 7,18,00,000.00 Rs. 9,49,91,662.05 (Rupees Nine Crore Forty nine lakh ninty one thousand six hundred sixty two Not known to A.O.
b) Asset Recovery Management Branch b) Rs. 71,80,000.00 and five paisa only)as on 31.03.2023 plus further interest, cost & expenses Symbolic Possession
c) Flat No. 302, 3rd Floor, EPITOME, Jtn of 29th and 16th Road, Villeage Mr. Vaiswana Pathak -Mobie No. 9334527760/ Mr. Sudhakar Galav - Mobile No. 9662128842
Bandra, Opp. Guru Nanak Garden, Bandra (West) Mumbai-400050 For inspection date 05.08.2023 Timings 3:00 Pm to 5:00 Pm
admeasuring 1723 Sq Ft Super Built up Area
d) Mr Rahul Rajkumar Pathak
8 a) Amitkumar Jaykisan Goyal. Mrs. Manju Amit Goyal. a) Rs. 35,81,000.00 Rs.33,86,506.50 (Rupees Thirty three lakhs, eighty six thousand, five hundred six and ps. Fifty Not known to A.O.
B) Asset Recovery Management Branch. b) Rs. 3,58,100.00 only) as on 30.06.2023 plus further interest, cost and expenses. Symbolic Possession
C) Flat No. O-0102, along with one car parking space, building known as CASA G.K. Deshpande-9975038389/ P.S. Mulik-9769972090
Elite, Lakeshore Greens project, Near Khidaleshwar Temple, Kalyan Shil Road, For inspection date 05.08.2023 Timings 3:00 Pm to 5:00 Pm
Dombivali (E) Thane, 421203, carpet area 500 sq ft Built up area 600 sq ft.
d) Mr. Amitkumar Jaykisan Goyal. Mrs. Manju Amitkumar Goyal.
9 a) Shamsuddin Subhan Shaikh. Rehana Shamsuddin Shaikh. a) Rs. 30,60,000.00 Rs.22,90,938.84 (Rupees Twenty two lakhs, ninety thousand, nine hundred thirty eight and ps. Not known to A.O.
b) Asset Recovery Management branch. b) Rs. .3,06,000.00 Eighty four only) as on 30.06.2023 plus further interest, cost and expenses. Symbolic Possession
c) Flat no. 105, 1st floor, B wing, Gods Miracles CHSL, Naya Nagar, Mira road G.K. Deshpande-9975038389 / P.S. Mulik - 9769972090
(East) Thane 401107. For inspection date 04.08.2023 Timings 3:00 Pm to 5:00 Pm
d) Shamsuddin Subhan Shaikh. Rehana Shamsuddin Shaikh.
10 a). Vasant Anand Sonawane. Vaishali Vasant Sonawane. a) Rs.25,50,000.00 Rs.26,81,972.49 (Rupees Twenty six lakhs, eighty one thousand, nine hundred seventy two and Not known to A.O.
b) Asset Recovery Management branch. b) Rs. 2,55,000.00 paise fourty nine only) plus further interest, cost and expenses. Symbolic Possession
c) Flat no. 103, 1st floor, D Wing, Momai Residency, Sonarpada Cross road, G.K. Deshpande-9975038389 / P.S. Mulik [9769972090
Sanjay Nagar, Village- Sagaon, Dombivili East Tal Kalyan dist Thane 421201 For inspection date 05.08.2023 Timings 3:00 Pm to 5:00 Pm
d) Vasant Anand Sonawane. Vaishali Vasant Sonawane.
11 a) Tulshidas Shantaram Pawar.Rupali Tulshidas Pawar.(G) Dilip a) Rs.17,00,000.00 a) Rs.40,41,053.42 (Rupees Forty lakhs, forty one thousand, fifty three and ps. Forty two only) till Not known to A.O.
Bhagatsingh Chawan. b) Rs. 1,70,000.00 30.06.2023 plus further interest, cost and expneses. Physical Possession
b) Asset Recovery Management branch. G.K. Deshpande 9975038389 / P.S. Mulik 9769972090
c) Flat no. 302, admeasuring 526 Sq. Ft.(carpet) (saleable area of the flat For inspection date 05.08.2023 Timings 10:00 AM to 12:00 Noon
is 575 sq ft) on third floor of the building known as Shree Shiv Samarth
constructed on all that piece or parcel of land bearing Survey No. 73, Hissa
No.11(p), Plot no. 16 situated at Village : Kulgaon Tal : Ambernath, Dist-
Thane 421503.
d) Tulshidas Shantaram Pawar. Rupali Tulshidas Pawar. (G) Dilip
Bhagatsingh Chawan.
12 a)M/s S K Enterprises & M/s Preme Nutrition a) Rs 10,60,000.00 M/s S K Enterprises Rs.7,00,42,696.37 (Rupees Seven Crore forty two Thousand Six hundered Not Known
b) Asset Recovery Branch, Mumbai b) Rs 1,06,000.00 Ninty Six and Thirty Seven Paisa only) as on 30.06.2023 plus further interest, cost & expenses Symbolic Possession
c) Gala No.222, 2nd Floor, Building No. F, Udyog Vihar Industrial Premises M/s Preme Nutrition Rs. 6,25,29,355.98 (Rupees Six Crore Twenty Five lakh Twenty Nine
Co-op Society Ltd. Near Vitthalwadi Railway station, Vitthalwadi, Taluka – Thousand Three hundered Fifty Five and Ninty Eight paisa only) as on 30.06.2023 plus further
Ulhasnagar, Dist- Thane 421306 Maharashtra Adm Carpet area 220 sq. ft Built interest, cost & expenses
up area 264 sq ft Mr Sanjay Tembe - Mob No. 8007112403 / Mr. Jatin Salam - Mob No. 9967917032
d) Mr. Shyam K Gyanchandani 04.08.2023/ 3:00 pm to 5:00 pm
13 a)M/s S K Enterprises & M/s Preme Nutrition a) Rs 25,10,000.00 M/s S K Enterprises Rs.7,00,42,696.37 (Rupees Seven Crore forty two Thousand Six hundered Not Known
b) Asset Recovery Branch, Mumbai b) Rs 2,51,000.00 Ninty Six and Thirty Seven Paisa only) as on 30.06.2023 plus further interest, cost & expenses Symbolic Possession
c) Gala No. 07, Ground Floor, Building No. I, Udyog Vihar Industrial premises M/s Preme Nutrition Rs. 6,25,29,355.98 (Rupees Six Crore Twenty Five lakh Twenty Nine
co-op society ltd. Near Vitthalwadi station, Vitthalwadi, Taluka- Ulhasnagar, Dist- Thousand Three hundered Fifty Five and Ninty Eight paisa only) as on 30.06.2023 plus further
thane 421306 maharashtra Adm carpet area 255 sq ft built up area 306 sq. ft interest, cost & expenses
d) Shri. Shyam K Gyanchandani Mr Sanjay Tembe - Mob No. 8007112403 / Mr. Jatin Salam - Mob No. 9967917032
04.08.2023 3:00 pm to 5:00 pm
14 a)M/s S K Enterprises & M/s Preme Nutrition a) Rs 10,60,000.00 M/s S K Enterprises Rs.7,00,42,696.37 (Rupees Seven Crore forty two Thousand Six hundered Not Known
b) Asset Recovery Branch, Mumbai b) Rs 1,06,000.00 Ninty Six and Thirty Seven Paisa only) as on 30.06.2023 plus further interest, cost & expenses Symbolic Possession
c) Gala No. 212, 2nd Floor, Building No. F, Udyog Vihar Industrial Premises M/s Preme Nutrition Rs. 6,25,29,355.98 (Rupees Six Crore Twenty Five lakh Twenty Nine
Co-op Society ltd. Near Vitthalwadi Station, Vitthalwadi, Taluka- Ulhasnagar, Thousand Three hundered Fifty Five and Ninty Eight paisa only) as on 30.06.2023 plus further
Dist- thane 421306 Maharashra Adm carpet area 220 sq.ft built up area 264 interest, cost & expenses
sq. ft ' Mr Sanjay Tembe - Mob No. 8007112403 / Mr. Jatin Salam - Mob No. 9967917032
d) Mr. Shyam K Gyanchandani 04.08.2023 / 3:00 pm to 5:00 pm
15 a)M/s S K Enterprises & M/s Preme Nutrition a) Rs 25,10,000.00 M/s S K Enterprises Rs.7,00,42,696.37 (Rupees Seven Crore forty two Thousand Six hundered Not Known
b) Asset Recovery Branch, Mumbai b) Rs 2,51,000.00 Ninty Six and Thirty Seven Paisa only) as on 30.06.2023 plus further interest, cost & expenses Symbolic Possession
c) Gala No. 18, Ground floor, Building No. I, Udyog Vihar Industrial Premises M/s Preme Nutrition Rs. 6,25,29,355.98 (Rupees Six Crore Twenty Five lakh Twenty Nine
co-op society ltd. Near Vitthalwadi station, Vitthalwadi, Taluka- Ulhasnagar, Thousand Three hundered Fifty Five and Ninty Eight paisa only) as on 30.06.2023 plus further
Dist-Thane 421306 Maharashtra adm carpet area 255 sq ft built up area 306 interest, cost & expenses
sq ft Mr Sanjay Tembe - Mob No. 8007112403 / Mr. Jatin Salam - Mob No. 9967917032
d) Mr. Shyam K Gyanchandani 04.08.2023 / 3:00 pm to 5:00 pm
16 a)M/s S K Enterprises & M/s Preme Nutrition a) Rs. 40,55,000.00 M/s S K Enterprises Rs.7,00,42,696.37 (Rupees Seven Crore forty two Thousand Six hundered Not Known
b) Asset Recovery Branch, Mumbai b) Rs. 4,05,500.00 Ninty Six and Thirty Seven Paisa only) as on 30.06.2023 plus further interest, cost & expenses Symbolic Possession
c) Flat no. 23, Ground floor, building No. 02 (B) Sunflower co-op hsg soc M/s Preme Nutrition Rs. 6,25,29,355.98 (Rupees Six Crore Twenty Five lakh Twenty Nine
ltd. Near Joshi High school, Pendse Nagar, V.P Road, Dombivali (East) Thousand Three hundered Fifty Five and Ninty Eight paisa only) as on 30.06.2023 plus further
421201 Taluka- Kalyan, Dist- thane, Maharashtra adm built up area 477 sq ft interest, cost & expenses
d) Mr. Rupesh B Khamkar and Mrs. Sujata Rupesh Khamkar Mr Sanjay Tembe - Mob No. 8007112403 Mr. Jatin Salam - Mob No. 9967917032
04.08.2023 / 3:00 pm to 5:00 pm
17 a)M/s S K Enterprises & M/s Preme Nutrition a) Rs 58,00,000.00 M/s S K Enterprises Rs.7,00,42,696.37 (Rupees Seven Crore forty two Thousand Six hundered Not Known
b) Asset Recovery Branch, Mumbai b) Rs 5,80,000.00 Ninty Six and Thirty Seven Paisa only) as on 30.06.2023 plus further interest, cost & expenses Symbolic Possession
c) Flat no. 402, 4th floor, Shree Ganpati Plaza, Near Chopra Court, Shahad-17 M/s Preme Nutrition Rs. 6,25,29,355.98 (Rupees Six Crore Twenty Five lakh Twenty Nine Thousand
Section road, Ulhasnagar – 421003 Taluka – Ulhasnagar, Dist-Thane, Three hundered Fifty Five and Ninty Eight paisa only) as on 30.06.2023 plus further interest, cost
Maharashtra adm Super built up area 965 sq ft. & expenses
d) Shri Shyam Kundandas Gyanchandani Mr Sanjay Tembe - Mob No. 8007112403 Mr. Jatin Salam - Mob No. 9967917032
04.08.2023 / 3:00 pm to 5:00 pm
18 a)M/s S K Enterprises & M/s Preme Nutrition a)Rs 19,70,000.00 M/s S K Enterprises Rs.7,00,42,696.37 (Rupees Seven Crore forty two Thousand Six hundered Not Known
b) Asset Recovery Branch, Mumbai b) Rs 1,97,000.00 Ninty Six and Thirty Seven Paisa only) as on 30.06.2023 plus further interest, cost & expenses Symbolic Possession
c) Gala no. 16, Ground floor, Building No. F, Udyog Vihar Industrial Premises M/s Preme Nutrition Rs.6,25,29,355.98 (Rupees Six Crore Twenty Five lakh Twenty Nine
Co-op scoiety ltd. Near Vitthalwadi Station, Vitthalwadi, Taluka-Ulhasnagar, Thousand Three hundered Fifty Five and Ninty Eight paisa only) as on 30.06.2023 plus further
dist Thane 421306 Maharashtra adm built up area 240 sq. ft interest, cost & expenses
d) Mr. Shyam K Gyanchandani Mr Sanjay Tembe - Mob No. 8007112403 / Mr. Jatin Salam - Mob No. 9967917032
04.08.2023 3:00 pm to 5:00 pm
19 a)M/s S K Enterprises & M/s Preme Nutrition a) Rs 3,51,50,000.00 M/s S K Enterprises Rs.7,00,42,696.37 (Rupees Seven Crore forty two Thousand Six hundered Not Known
b) Asset Recovery Branch, Mumbai b) Rs 35,15,000.00 Ninty Six and Thirty Seven Paisa only) as on 30.06.2023 plus further interest, cost & expenses Symbolic Possession
c) Plot of land along with factory building constructed in plot No. B- 39, M/s Preme Nutrition Rs. 6,25,29,355.98 (Rupees Six Crore Twenty Five lakh Twenty Nine
Opposite Hindustan Innovation Centre, Additional Ambernath Industrial area, Thousand Three hundered Fifty Five and Ninty Eight paisa only) as on 30.06.2023 plus further
Ambernath, Dist-Thane 421506 Maharashtra adm plot area 1500 sq mtrs built interest, cost & expenses
up area 1498.67 sq mtrs. Mr Sanjay Tembe - Mob No. 8007112403
d) M/s Preme Nutrition Trough its partner of Shri. Deepak Dunichand Mr. Jatin Salam - Mob No. 9967917032 04.08.2023 3:00 pm to 5:00 pm
Kukreja & Mr. Shyam Kundandas Gyanchandani
20 a) M/s Pijikay Exports a) Rs. 2,04,00,000.00 Rs. 4,20,15,580.92 (Rupees Four Crore Twenty Lakh Fifteen Thousand Five Hundred Eighty and Not known to A.O.
b) Asset Recovery Management Branch b) Rs. 20,40,000.00 Ninty Two only) as on 30.06.2023 plus further interest thereon w.e.f. 01.07.2023 at applicable rate Physical Possession
c)Office No.95, 9th Floor, B Wing,Mittal Tower Premises Co-op Soc Ltd of interest, cost and charge till date. Society dues Rs.34,29,091/- are pending
(Soc. Regn. No. BOM/GEN/A-1387/1983),Plot No. 210 in Block III of Back bay Mr. Sanjay Tembe - Mobile No. 8007112403 Mr. Jatin Salam - Mobile No. 9930278595 (Position as on 09.01.2023)
Reclamamtion,cadastral Survey no.1959 of Fort Division, Opposite Vidhan 05.08.2023/3.00 PM to 5.00 PM
Bhavan, Free Press Journal Marg, Nariman Point, Mumbai-400021 adm
650sq ft carpet area and 739 sqft builtup area
d) M/s Gul Rupchand Kriplani
Bidders are requested to visit the Bank’s website www.unionbankofindia.co.in for detailed terms & conditions of E-Auction and other details before submitting theirBids for taking part in the E-Auction. Bidder may also visit the website www.ibapi.in. of
Service Provider Indian Banks Auction Properties Information (IBAPI) Portal.The intending bidders must have valid e-mail id to participate in on-line Auction. The terms and conditions of sale shall be strictly as per the provisions of TheSecurity Interest
(Enforcement) Rules, 2002.
STATUTORY 15 DAYS SALE NOTICE UNDER RULE 8(6) / RULE 9(1) OF SECURITY INTEREST (ENFORCEMENT) RULES 2002
This may also be treated as notice under Rule 8(6) / Rule 9(1) of Security Interest (Enforcement) Rules, 2002 to the borrower/s and guarantor/s of the said loan aboutthe holding of E-Auction Sale on the above mentioned date.For detailed terms and condition
of the sale, please refer to the link provided i.e www.unionbankofindia.co.in or https://www.ibapi.in www.mstcecommerce.com
Sd/-
Place : Mumbai Authorized Officer,
Date : 24.07.2023 Union Bank of India
>
MUMBAI | MONDAY, 24 JULY 2023 13
PUBLIC NOTICE
All concerned are hereby informed
through this Public Notice that my
Client Mr. Ajeet Lekhraj Arenja
having address at- A-13, Barmoral
Holl, Maunt Meri Road, Bandra (W),
Mumbai -400050, is the Owner of
property bearing Survey/Gat No-52/2A
admeasuring 0H.-95R.-0P. and Survey
No- 52/2B admeasuring 0H-75R-
0P, total admeasuring 1H.-70R.-0P.
(170Guntha) situated at Village–Asal,
Taluka– Karjat, District–Raigad which
is purchased by him from Dayawanti
Jethanand Arenja through her POA
holder Bharat Takalkar vide a sale deed Public Notice
dated 30/09/2006 duly registered with TO WHOMSOEVER IT MAY CONCERN
Sub Registrar of Assurance at Karjat This is to inform the General Public that following share certificate of (name of Company) Abbott
India Limited having it's Registered Office at: - Unit No.3, Corporate Park, Sion - Trombay Road,
under registration no “dvt 04157/2006” Chembur, Mumbai, Maharashtra, 400071.
Since then my client is absolute lawful Registered in the name of the: - Abbas Karimbhoy Dohadwala (Deceased) Jtly with Rehana
owner of the above property and Abbas Dohadwala
Following Shareholder/s have been lost by them.
except my client no one have any Sr. Name of the Folio Certificate Distinctive No. of
rights, claim over the said property. No. Shareholder/s No. No. Number/s Shares
Date: 22-07-2023, Place: Navi Mumbai 1. Abbas Karimbhoy D00862 8278 8664997 - 8665057 61 Equity
Dohadwala (Deceased) shares in 10/-
On Behalf of Client Jtly with Rehana Abbas Paid Up
Suvarna Ashok Misal Dohadwala
Advocate High Court The Public are hereby cautioned against purchasing or dealing in any way with the above
Office-Shop No-7, referred share certificates.
Shree Darshan CHS Ltd, Any person who has any claim in respect of the said share certificate/s should lodge such claim
with the Company or its Registrar and Transfer Agents KFin Technologies Ltd, Karvy Selenium,
Plot No-95/96,Sec-34, Kamothe, Tower- B, Plot No. 31 & 32, Financial district, Nanakramguda, Serilingampally Mandal,
Navi Mumbai-410209 Hyderabad, Telangana, 500032 within 15 days of publication of this notice after which no claim
Mob.9594220631 will be entertained and the Company shall proceed to issue Duplicate Share Certificate/s.
Abbas Karimbhoy Dohadwala (Deceased) Jtly with Rehana Abbas Dohadwala
Place: Mumbai Name of Shareholder.
Date: 22.07.2023

ADOR MULTI PRODUCTS LIMITED

Regd. Off :Ador House, 5th Floor, 6 K Dubash Marg,
Fort, Mumbai – 400 001. Tel.: (91) 22 66239300
Email: cs.adormultiproducts@gmail.com
Web site: www.adormultiproducts.com
CIN: L85110MH1948PLC310253
NOTICE
Notice is hereby given that the 75th Annual General Meeting (“AGM”) of the
company will be held through Video Conferencing (“VC”) and other Audio Visual
Means (“OAVM”) on Monday, 14thAugust, 2023 at 11:00 A.M. ISTto transact the
business set out in the AGM Notice. In compliance with the applicable provisions
of the Companies Act, 2013 and the Rules made thereunder and the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, read with
General Circular 14/2020 dated 8th April, 2020, 17/2020 dated 13th April, 2020,
02/2021 dated 13th January, 2021, 19/2021 dated 8th December, 2021, 21/2021
dated 14th December, 2021, 02/2022 dated 5th May, 2022 and 10/2022 dated
28th December, 2022 ('MCA Circulars')and all other relevant circulars issued from
time to time by the Ministry of Corporate Affairs (MCA) and SEBI (collectively
referred to as “relevant circulars”).
In compliance with the relevant circulars, the Notice of Annual General Meeting
along with the Financial Statements for the year ended 31st March, 2023, Auditor's
Report, Board's Report and other relevant documents required to be attached
thereto have been sent through e-mail on 21stJuly, 2023to all the members who
have registered their email addresses with the Company or depository / depository
participants and whose name appears on the Register of Members/List
of Beneficial Owners as on July 14, 2023. The aforesaid documents are also
available on the company's website www.adormultiproducts@gmail.com and on
the website of the stock exchange i.e. BSE Limited at www.bseindia.com and on the
website of National Securities Depository Limited (NSDL) at www.evoting.nsdl.com
Instructions for remote e-voting and e-voting during AGM:
The Company has engaged the services of National Securities Depository Limited
(NSDL) for the purpose of providing e-voting facility to all its Members
Information and instructions including details of user id and password relating to
e-voting have been sent to members through e-mail. The same login credentials
should be used for attending the AGM through VC / OAVM. The manner of remote
e-voting and voting at the AGM by the members is also mentioned in the e-mail
being sent.
The remote E-voting shall commence from Friday, 11thAugust, 2023 at 9.00 A.M
(IST) and end on Sunday, 13thAugust, 2023 at 5.00 P.M. (IST). The remote
e-voting will not be allowed beyond the aforesaid date and time and the remote
e-voting module shall be forthwith disabled by NSDL upon expiry of the aforesaid
period.
NSDL also facilitates the shareholders whose e-mail Id is not registered, to receive
this notice electronically and cast their vote electronically, company has made
special arrangements for registration of email addresses. The process for
registration of email addresses is given as under:
Pursuant to the General Circular No. 17/2020, for remote e-voting for this AGM,
shareholders who have not registered their email address and in consequence the
e-voting notice could not be serviced may temporarily get their email address
registered for procuring user id and Password for e-voting for the resolution set out
in the notice of the AGM in the following manner:
1.In case shares are held in physical mode, please send scanned copy of certificate
(front and back), PAN (scanned copy of PAN card) and Folio number by email to
cs.adormultiproducts@gmail.com.
2.In case shares are held in demat mode, please send copy of Client Master Report
or copy of Consolidated Account Statement, PAN (scanned copy of PAN card) and
demat account number (8 Character DP ID followed by 8 Digit Client ID for
members who hold shares in demat account with NSDL and 16 Digit Beneficiary ID
for members who hold shares in demat account with CDSL) by email to
cs.adormultiproducts@gmail.com.
Members whose names appear on the Register/List of Beneficial Owners as on
August 07, 2023(Cut-off date) will be considered for the purpose of voting. A person
who is not a Member as on the cut-off date should treat this notice for information
purpose only.
Any member who does not receive the AGM Noticemay either send an e-mail to
cs.adormultiproducts@gmail.com. The AGM Notice can also be downloaded from
the Company's website www.adormultiproducts.com
The members who have cast their vote(s) by remote e-voting may also attend the
AGM but shall not be entitled to cast their vote(s) again at the AGM.
Notice is also given that the Register of Members and Share Transfer Books of the
Company will remain closed from Tuesday, 08th August, 2023 to Monday, 13th
August, 2023 [both days inclusive].
In case of any queries/ grievances , members may refer Frequently Asked
Questions( FAQ) and remote e- voting user manual for shareholders available at
the 'Downloads' section of www.evoting.nsdl.com or call at 022 - 4886 7000 and
022 - 2499 7000
By Order of the Board of Directors
For Ador Multi Products Limited
Sd/-
Place : Mumbai Deep A. Lalvani
Date : 22.07.2023 Chairman
14 TECHNOLOGY 4.0
>
MUMBAI | MONDAY 24 JULY 2023 1

No child’s play: AI in
KRANTI NATION
assisted fertility successful pregnancies,” he said.
According to Murdia, estimates suggest 12
million people have been born through IVF –
the population of Bengaluru almost – in the last

PRANJAL SHARMA The technology helps doctors by studying 45 years in India. As many as 280,000 IVF treat-
ments were done in India in 2022. “With the
advent of technology, especially the revolution-
massive amounts of data. It’s useful ising prowess of AI, these numbers are further
germ cells slated to increase” he said.

How flexible but involves ethical concerns, involved in Dr Vaishali Chaudhary, director-IVF & fertil-
reproduction — ity at Sahyadri Hospitals in Nashik, said imple-
writes Debarghya Sanyal and assess their menting AI in ART has challenges. A major one

batteries are behaviour during

intracytoplasmic
sperm injection
is the need for large amounts of precise data.
While AI algorithms can provide quick and
objective assessments, it is essential to validate

charging (ICSI), an assisted

reproductive technology
(ART) procedure.
their predictions. This involves comparing AI-
generated selections with clinical outcomes and
continually refining algorithms to improve
our world called EMA that pro-
cesses vast amounts of data
AI methods have shown
promise in analysing embryo
accuracy. Fertility clinics using AI tools will
have to overhaul their infrastructure and they
development and implantation will need embryologists who can adapt to the

R
emember the time when consumers — beyond what a human can manage — to potential. They are used for technology’s limitations.
could detach batteries from mobile assist the embryo-selection process. semen analysis and DNA integrity, Ethical issues and patient privacy is
phones? If the phone was old or over- assisting embryologists to select the main challenge. “ART pro-

used, the battery was simply replaced.
Later, phone makers sealed the batteries,
but the concept of battery swapping has been
reinvented. Now, battery swapping and chang-
ing have emerged as a popular concept for
electric passenger cars and two-wheelers.
From phones to wearables, batteries have
become an integral part of our daily lives.
Batteries are becoming flexible to widen their
usage in unprecedented ways.
A recent World Economic Forum (WEF)
report on Emerging Technologies of 2023 put
flexible batteries on top of the list.
“Flexible batteries have applications in a
growing number of fields, including wearable
medical devices and biomedical sensors, flex-
ible displays and smartwatches. Health-related
applications powered by these batteries could
transmit data wirelessly to healthcare pro-
viders, facilitating remote patient monitoring,”
said the report.
“Flexible batteries that can be integrated
into the fabric of jackets, shirts or other apparel
will be required to power emerging textile-
based electronics with capabilities ranging
from built-in heating systems to health mon-
itoring,” it said.
D
ivya Nayar, 30, a senior
manager in a technology com-
pany in Bengaluru, is a fan of
science fiction. Adithya, her
husband and colleague, is not. When the cou-
ple’s obstetrician-gynaecologist (OB-GYN) sug-
gested that artificial intelligence (AI) “guide”
their fertility procedure, Divya said yes.
Adithya, 32, was sceptical. “So, we are having
robot babies now?” he recalled asking. (Their
names have been changed for privacy.)
Amid rising excitement about AI, science-
fiction scenarios seem within the reach of reali-
sation. ChatGPT, the popular AI chatbot that
responds to a range of written queries, may have
already turned The Great Automatic
Grammatizator, Roald Dahl’s short story about
a machine writing a prize-winning novel in
minutes, into a reality.
In the 2019 Australian cyberpunk thriller I
Am Mother, a robot grows a human embryo and
cares for her. AI, which is being used to detect
cancer, pinpoint microscopic cavities, and
answer complex medical questions, is assisting
fertility doctors select the ideal embryo for in-
vitro fertilisation (IVF). For couples like the
Nayars, a sci-fi narrative has begun to take root
in reality.
Health start-ups in the United States,
Europe, and West Asia have made progress in
using AI for fertility treatment. AIVF, a repro-
ductive technology company based in Tel Aviv
in Israel, has developed an AI-powered software
Medical tool
IVF clinics and health-tech start-ups in India
are proposing AI-aided fertility services to
young couples like the Nayars. Santaan, an
Odisha-based start-up that offers various fertil-
ity services, uses AI in selecting embryos for
transfer to the womb.
Such selection is crucial for the success of an
IVF cycle, as only a small number of embryos
are transferred to wombs. AI algorithms can
analyse images of embryos and predict which
are most likely to lead to a successful preg-
nancy. AI can help reduce the number of unnec-
essary embryo transfers and minimise the risk
of multiple pregnancies.
Santaan isn’t the only one, of course. Last
year, Delhi-based Indira IVF tied up with AI-
healthcare firm Presagen to roll out an interna-
tionally tested AI tool called ‘Life Whisperer’ in
more than 100 clinics in India. This tool too
improves embryo selection.
Dr Nitiz Murdia, co-founder and managing
director of Indira IVF, explained the process of
embryo selection through AI. “Traditionally,
embryologists visually assessed embryos for
viability and likelihood of clinical pregnancy.
Now, AI-powered software, trained on thou-
sands of embryo images, evaluates embryos
with greater speed and precision, providing
standardised grading,” he said.
Embryo selection is not the only aspect of
fertility care that AI is helping with. Machine
learning (ML) is used to select oocytes — female
sperm cells in male patients suf- cesses involve highly sensitive
fering from infertility. AI ALGORITHMS personal information, and AI
AI can help optimise CAN ANALYSE technologies must adhere to
cryopreservation tech- IMAGES OF strict data protection proto-
niques – used to keep live cols to maintain patient con-
cells, tissues and other bio- EMBRYOS AND fidentiality and prevent
logical samples in a deep PREDICT WHICH unauthorized access” said
freeze – by analysing large ARE MOST LIKELY Murdia of Indira IVF.
datasets of frozen embryo TO LEAD TO A The Nayars said that opt-
outcomes. By identifying ing for AI-aided IVF has meant
patterns and factors that
SUCCESSFUL additional medical exams and
influence the viability of thawed PREGNANCY more rigorous and repeated ques-
embryos, AI can then aid in devel- tionnaires about their families'
oping improved protocols and health history.
strategies for preserving embryos dur- Dr Satish Prasad Rath, founder of
ing the freezing and thawing pro- Santaan Group of Institutions in
cesses, said Ashootosh Chand, part- Odisha, said AI-driven ART processes
ner for digital and emerging are expensive. Santaan is collaborating
technologies at PwC India. with the state-run Indian Institute
AI also helps to better assess the of Technology Hyderabad to develop
uterus and ovaries and identify uterine an indigenous and affordable solution in
anomalies. this field.
“Our OB-GYN has also assured us that the AI Anubhav Prashant, COO at Hyderabad-
assistance will increase the success rate of the based Apollo Fertility, said changes are needed
IVF procedure,” said Divya Nayar. for more successful adoption of AI in ART.
“Data quality, regulatory compliance, ethical
Ethics of it considerations, user trust, and the need for con-
Murdia said that while AI technology improves tinuous improvement and validation are some
the embryo selection process, it is important to of the challenges we face every day. Addressing
note that pregnancy success rates depend on these challenges requires a comprehensive
individual patients. “We have witnessed approach involving collaboration with medical
improved clinical workflow, reduced manual professionals, regulatory bodies, data experts,
evaluation time, and an increased potential for and user feedback,” he said.

ALGO RHYTHM Boosting productivity

91% Indian employees reported 35% managers say team motivation
Flexible batteries
can be used in
Several com-
panies are develop-
WORK-LIFE saving 4.9 hours weekly due
to automation
is top productivity challenge
> Desk workers say too many meetings,
wearable devices,
biomedical sensors,
smartwatches.
ing and commercial-
ising flexible-battery
technology, includ- BALANCE 75% use AI tools,
automation for
productivity
emails affect productivity
> India among top markets in AI and
automation adoption

Apple, Samsung SDI, ing LG Chem,
and Nokia are Samsung SDI, Apple,
among companies Nokia, Front Edge
developing Technology,
the technology STMicroelectronics,
Fullriver Battery New
Technology, and Blue Spark Technologies.
Samsung SDI produces flat and curved bat-
teries in various sizes to enable a variety of
wearable device designs. The company is
experimenting with various sizes and shapes
to fit new wearable consumer electronics.
There are reports that Apple has filed a new
patent for a flexible battery pack and a display
that wraps around the wrist.
Flexible batteries can take many forms. The
Massachusetts Institute of Technology (MIT)
said it had developed innovative new batteries.
Its researchers developed a rechargeable
lithium-ion battery in the form of an ultra-
long fibre that can be woven into fabrics.
The battery can enable a wide variety of
wearable electronic devices. It might even be
used to make 3D-printed batteries in almost
any shape.
“In a proof of concept, the team behind the
new battery technology has produced the
world’s longest flexible fibre battery, 140
metres long, to demonstrate that the material
can be manufactured to arbitrarily long
lengths,” MIT said.
The thin films and printed batteries market
is worth $180.78 million in 2023 and will rise
to $1.13 billion by 2033, it is predicted. The
market size is expected to increase at a com-
pound annual growth rate (CAGR) of 20.2 per
cent from 2023 to 2033, according to the Future
Market Insights report.
“Thin film and printed batteries have
advanced in terms of their density, longevity,
and better safety. The key players are driven
towards technical improvement by the
increased demand for these batteries in elec-
tronic gadgets and medical devices, allowing
the batteries to become thinner or more flex-
ible,” said the report.
The wearable market is growing rapidly
amid a strong trend towards miniaturisation
of electronic devices. Wireless earphones and
speakers will need lightweight batteries.
Sensors are being placed for agriculture use
where steady flexible and sturdy batteries will
be of utility.
Experts have said that batteries woven into
fibre will warm up clothes. This could be useful
in extreme weather conditions. Such clothing
can reduce heating bills in cold countries.
Home heating is an important factor in the
per capita energy demand in many countries.
A battery for wearables has to be flexible
and washable. University of British Columbia
researchers have created what could be the
first battery that does both. It works even when
stretched to twice its normal length, or after
being tossed in the laundry.
The era of anywhere and everywhere bat-
tery is upon us.
WITH AI
Almost 75 per cent of Indian
professionals say they have adopted
artificial intelligence (AI) tools and
automation for productivity.
Automation can save employees
almost an entire working month
annually, freeing them up for more
meaningful tasks. These are the
findings of the State of Work 2023
report by Slack, a workplace
communications software company.
The report’s findings on India were
based on a survey of more than
2,000 desk workers.
Source: Slack
‘Kyndryl’s strategy has seen signs of green shoots’
Kyndryl, the NYSE-listed technology company, seems to be on the growth track a year after splitting from IBM.
LINGRAJU SAWKAR, president of Kyndryl India, believes gains from the firm's strategy are visible. In an interview
with Shivani Shinde in Mumbai, he spoke about the new company structure and growth. Edited excerpts:
Kyndryl has completed a year as an independent
firm. How has the journey been ?
There are four parts of our journey: customers,
employees, government, and communities. When we
started as a firm, from a customer perspective, we
made a promise and a commitment that was different
from what we were in the past. The first phase of our
transition was making that promise and condensing
that. Close to 99 per cent of the customers
transitioned to us.
Second was employees. For them the change was
significant, as from a large company we
became a start-up.
A common theme in the case of both these
was that as a company the shift was from a
technology company to a services company.
This means that the customer becomes the LINGRAJU
centre. In a technology firm, the tech is the SAWKAR
core. This meant we had to expand our President of
partnership with other technology players, as Kyndryl India split happened our primary focus was
we are now technology agnostic. This also
means our addressable market opportunity
doubled globally and in India as well, from $240
billion to $530 billion.
For employees, we embarked on a cultural
journey. Our message to employees is to have a firm
that is flat, faster, and more focused.
What have been the results?
A few positive things that we have seen over the last
one year is that there are clear signs of green shoots.
say flexible working location
improves productivity
Our business grew with the existing customers we
had, but we were also able to extend and renew their
contract with us.
Because we are a tech-agnostic company, building
partnerships has been important. We signed
contracts tied to cloud hyper-scaler alliances with an
aggregate value of $1.2 billion in fiscal year 2023,
exceeding the $1-billion target for the year.
How does India fit into Kyndryl’s plans?
India is one of the top 10 countries for Kyndryl, in
terms of growth. India has one-third of our
global talent pool. There are two strategies:
‘Kyndryl for India’ and ‘India for Kyndryl’.
'Kyndryl for India' is about working with
customers here. We are the largest managed
services player in the country.
'India for Kyndryl' journey has been
redefined after the split with IBM. Before the
delivering on service contracts. Now, India is
also an innovation base. Our approach has
been co-creation with customers. For instance, for
one of our banking clients, we co-created a platform
for their lending journey for the farm sector. Though
farm loan is a priority-lending sector, the time taken
to process the loan is anywhere up to three months.
We developed a platform that brings down the
processing of loan in 20 minutes.
Our approach has also been to create in India for
the global markets. We have seen that products and
Global scene
> Globally, employees invested in AI for productivity
adopting AI are 90% more
likely to log high 91 % respondents
productivity say automating routine
tasks saves some
> Companies adopting AI 4.9 hours weekly
53% more likely to report
higher productivity 77 % employees say
automating routine tasks
> But only 27% firms have improves productivity
Employee well-being
94% respondents say 32% of them say workplace benefits,
feeling engaged at work such as serving lunch, helps productivity
drives their productivity
43% managers globally struggle to
36% employees globally keep teams motivated
> Indian employees say flexible work
timing is a good way to help productivity
Compiled by Shivani Shinde
services created here, for the local markets, can be
adapted faster to other markets as well.
What work is being done at the innovation centres?
One-third of our global employee base sits in
India. Almost half of these are engaged in the
innovation centres.
We recently said that Kyndryl Bridge platform, an
open integrated technology services platform that
integrates AI (artificial intelligence), is estimated to
have already helped enable early adopters to avoid
more than $1 billion in annual costs. Kyndryl Bridge
has been developed out of India.
Your FY23 numbers came down.
We called out of three things that will bring a
turnaround in the business. First, accounts
initiative. Part of this focus is on
profitable business and getting away
from low and no-margins business.
The total impact from this initiative
(is) to be approximately $210 million
of annualised benefits, surpassing
the $200 million fiscal 2023 year-end
goal. The second was advanced
delivery, which is built on an
automation platform. As part of
this focus close to 5,500 people
who got released due to
automation have been reskilled.
Third is alliances and
creating partnerships. For us,
it’s still a growth opportunity.
More on business-standard.com
.
MUMBAI | MONDAY, 24 JULY 2023 TAKE TWO 15 <

Russian oil: Trading For how many years

as it did when it had to shift mar-
kets away from Europe, said Tilak
Doshi, a London-based energy
expert, previously with Saudi
Aramco and Unocal among others.

should one run a bank?

on ‘innovation’
So how will India cope with
Urals breaching the EU-denomi-
nated price cap? First, the prob-
lems with paying for expensive
Urals may be overstated. India has
The RBI has started showing the door to those who compromise on
Urals crude has passed the trading price cap imposed by the G7 bought premium Russian, low sul- governance, but its patience for non-performance is still pretty high
phur grades for several months
but supplies to India may remain largely unscathed. Here’s why now and successfully made pay-
ments. Non-Urals crudes, compris-
Capital One Financial (28 years) —
one of the 10 largest commercial
The current term of A
Manimekhalai, CEO of Union Bank of
ing premium, light, sweet grades banks in the US — which he co- India, will end in June 2025. She will
typically trade above the price cap, founded in 1994. turn 60 nine months later in March
and accounted for 32 per cent of Among other long-serving bank 2026. Will she get another term? If yes,
India’s purchases in 2023, pay- CEOs, Edward Wehmer has been run- for how long? Similarly, Shanti Lal
ments for which were processed ning Wintrust Financial for 24 years Jain of Indian Bank will turn 60 in
via Indian and UAE banks. and Terry Turner has spent 22 years December 2024. His current term is
“There were some hiccups ini- at Pinnacle Financial Partners, the ending in August 2024. Will he have
tially, but we worked around it,” second largest bank in Tennessee. to demit office before turning 60?
said a state refining official. The Matt Wagner, too, has been there for In the past, there have been insta-
official said that most payments
for Russian oil were now made in
BANKER’S TRUST 22 years as the CEO of PacWest
Bancorp. Finally, Joseph DePaolo had
nces of nationalised bank chiefs retir-
ing after completing their term, but
dirhams. Some payments are in TAMAL BANDYOPADHYAY been the CEO of crypto-friendly before touching 60: K R Kamath (he
roubles, and some odd cargoes Signature Bank for 21 years till it col- first headed the Allahabad Bank, mer-
cleared in yuan, the official added. lapsed in March 2023, the second big- ged into Indian Bank in 2021, and
The official said that sanctions Uday Kotak, managing director and gest bank failure in the US since then Punjab National Bank) and Raj-
only prohibit using Western insur- chief executive of Kotak Mahindra Washington Mutual closed in 2008. eev Rishi (Central Bank of India) are
ance and shipping services above Bank Ltd, will step down on Like India, at least three other co- two such examples. Recently, Bank of
the price cap, but do not bar pay- December 31, ending his close to 21- untries — Nigeria, Ghana and Myan- India chief Atanu Kumar Das, too, re-
ments to Russian exporters. State- year tenure since February 2003. The mar — limit the tenure of a bank CEO. tired a few months before turning 60.
run banks like SBI, PNB and BoB only banker who has had a longer Unlike any other business, bank- A finance ministry notification in
have been skittish, fearing stint as CEO in India is HDFC Bank ing is a turf where the captain’s role is November 2022 stated that the top-
Washington, but large private Ltd’s former boss Aditya Puri — 26 the most critical. Often a bank is level appointment at nationalised
banks have come forward to facili- years. Like Kotak, he had been with defined by the personality of the CEO banks could initially be for up to five
S DINAKAR (market share in %) tate payments. the bank since its inception (in 1994) who runs it. Both HDFC Bank and years and extended by another five
23 July INSIDE THE BARREL Some refiners may have also and retired in October 2020. Of Kotak Mahindra Bank are the creation years. However, it is silent on the age
45 n 2023 nJuly taken to splitting invoices, an ind- course, there is a difference between of their CEOs. Of course, there are of retirement. The past norm was
40

T
he reports of my death are
greatly exaggerated, said
the text of a cable sent by
American writer Mark Twain from
London to the press in the United
States after his obituary was mis-
takenly published. One can say the
same about the role of Russian cru-
de oil in India’s slate, after Urals, a
lynchpin of India’s oil imports,
rose above the price cap set by the
G7 countries this month prompt-
ing Indian government officials to
presage a decline in the crude’s for-
tunes. Indian officials also harbour
hopes of replacing discounted Ru-
ssian oil with supplies from our tra-
ditional West Asian suppliers such
as Iraq and the UAE, on similar
terms or extended credit periods.
But a diminishing role for
Russian crude in India’s crude oil
basket simply on the basis of a vol-
atile commodity such as crude oil
flirting with the $60 a barrel price
cap may be overstated, Indian
refining officials said.
Before we examine the impli-
cations of the G7-imposed price
cap on Moscow in December, let
us trace the ascendancy of
Russian oil.
In February 2022, when Mos-
cow marched into Ukraine, Russia
shipped zero barrels of crude oil
to India. Volumes rose to 46 mil-
lion barrels this month (as of July
23), capturing 45 per cent of the
Indian market, according to data
from Paris-based commodity int-
elligence provider Kpler. Urals, a
high sulphur, sour grade similar
to Gulf crudes traditionally sup-
plied to Indian refineries, account-
ed for 27 per cent of India’s total
crude purchases in calendar 2023,
ship tracking data show.
Vandana Hari, a Singapore-
based energy expert and founder
of Vanda Insights, described this
rising share as “unprecedented”.
This is the first time that one
ustry official said. This means an the two: Kotak is the promoter of the bankers who in their obsession to three years or till the age of 60, whi-
invoice of Russian oil, costing say bank, while Puri is a professional. become larger than the institution chever was earlier.
$64 a barrel, is split in two parts. Among the current CEOs of pri- have invited trouble for themselves The crowd of relatively young
19 21 The first invoice, priced below the vate banks who have long stints are as well as their banks. bankers at the senior level is probably
15 14 cap, is paid immediately to the Ru- Murali M Natrajan of DCB Bank Ltd A May report of Yes Securities the reason behind extending the ten-
6 7 ssian exporter on presentation of (14 years, since April 2009); Shyam (India) Ltd talks about the tenure of ure of MDs and executive directors. A
loading documents, and the rema- Srinivasan of The Federal Bank Ltd some of the current bank CEOs and few of the EDs are in their early 50s
Iraq Russia Saudi Arabia UAE ining amount in the second invo- (over 12 and a half years, since how long they can remain at the helm. and at least one is in his late 40s. Since
ice is bundled together with other September 2010) and N Kamakodi of Amitabh Chaudhry’s current term the number of such banks has shrunk
Country of 2023 Unit delivered such invoices and paid separately, City Union Bank Ltd (over 12 years at Axis Bank Ltd ends in December to 11 after the government’s consoli-
consignment vols cost in May out of Dubai, Singapore or Hong since May 2011). 2024. Going by the RBI norm, he can dation drive, there aren’t too many
Iraq 185 75 Kong, a Singapore-based veteran In April, Kamakodi got the Reserve continue till December 2033. Both positions at the top. But, even after
Russia 389 70 commodity trader explained. Bank of India’s (RBI’s) nod for his re- Sandeep Bakhshi of ICICI Bank Ltd the change, some of the EDs — who
Saudi Arabia 149 84 India’s options for cheap oil are appointment for another three years. and Sashidhar Jagdishan of HDFC are not promoted to be MD — may
UAE 58 85 limited. Since March, OPEC+ His tenure will end by April 2026 as Bank Ltd will see their current term have to retire before they turn 60.
Volumes in million barrels; value in nations have cut over 3 million the RBI has capped the stint of non- ending in October this year. Bakhshi Unlike the bosses of nationalised
$ per barrel. Source: Kpler for volumes, b/d of output. Brent has firmed promoter CEOs at 15 years even tho- can continue till May 2030 and banks, the State Bank of India’s
Indian Customs data for prices
up to the current $79-80 a barrel ugh the retirement age for a private Jagdishan till March 2035, provided chairman can remain at the helm
but the outlook for crude prices bank’s CEO is 70. Kamakodi will be 52 the RBI gives its nod to the renewal of even after hitting 60. Typically, the
country has accounted for over crashed to $3 a barrel after Urals remains bearish with questions in 2026. One can be re-appointed after their tenures. The RBI’s approval for tenure is for three years. There are
40 per cent of India’s imports, turned expensive this month, over the pace of China’s economic a gap of three years, provided there’s IndusInd Bank Ltd CEO Sumant exceptions, though. For instance,
climbing at a record pace of just potentially hurting purchases. growth, Doshi said. no association with the bank in any Kathpalia is in place till March 2025. Arundhati Bhattacharya got a one-
18 months, she said. This surge Market sources said that surging UAE and Iraq need to shore up way during that period. At the helm since March 2020, he will year extension beyond her three-
was not possible if Indian refiners demand for Urals has shrunk dis- their revenues from oil exports Have these gentlemen been turn 70 in December 2031. year term and O P Bhatt got close to
had not benefitted from the pur- counts from $8-$10 a barrel — on amid lower shipments and a less- occupying the corner office far too IDFC Capital First Bank Ltd’s CEO a five-year term, one shot.
chases, she said. a landed basis off than-expected increase long? Let’s take a look at the US V Vaidyanathan’s current term ends The extension of the tenure of
No further increases in Russian European benchmark in oil prices, Hari add- banking system. in December 2024. He turns 70 in Jan- whole-time directors of nationalised
shipments are possible because of Brent — to around $5- Indian officials ed. Moreover, their pri- James Dimon, 67, has been the uary 2038, but will complete his 15 banks to 10 years is fine, but why can't
technical limitations for Indian re- $6 a barrel. But given claim that ces are typically in line chairman and CEO of JPMorgan years (provided the banking regulator the retirement age be extended to 70
fineries to process more Urals, Hari India’s huge oil pur- discounts on with Saudi selling pri- Chase since 2005. gives its nod) by December 2033. The a la private banks? Why should we
went on to explain. But shipments chases, even a differ- Russian crude ces, which have been at A February 2022 article on the ten- RBI’s approval for Bandhan Bank Ltd’s have two sets of rules?
may slow because Russia is volun- ence of a few cents to oil have a premium for Asian ure of bank CEOs in American Banker Chandra Shekhar Ghosh’s existing The RBI has started showing the
tarily cutting another 500,000 bar- a barrel is adequate for crashed to $3 buyers. So there is little talks about many who have been at term ends in July 2024. Theoretically, door to those who compromise on
rels a day (b/d) of output next refiners, a refining a barrel after possibility of West the helm for decades. he can continue till August 2030. governance, but its patience for non-
month, in addition to 500,000 b/d official said. Urals turned Asian suppliers offer- The longest-serving CEO among These are private sector bankers. performance is still pretty high. The
already committed, leaving less oil Moreover, Russian expensive this ing outright discounts the top 100 US banks is Richard Now, take a look at the top brass of regulator also needs to be consistent
for China and India. Most of the oil, notably Urals, has month, to India, Hari said. Adams — 48 years. He has led United some public sector banks. in its approach to approving a new
cuts will come out of cheaper Urals helped Indian state re- potentially In May, UAE and Bankshares and its predecessor, the The current term of Bank of Baro- term of the CEO. In the recent past,
while shipments of premium, light finers stay above water hurting Saudi Arabian oil cost Parkersburg National Bank in West da MD Debadatta Chand will end in there has been at least one instance
grades will be steady. since early 2022, after purchases $14-15 a barrel more Virginia, since 1975. June 2026. But he can remain at the where a private bank’s boss got a fresh
But Russian crude could con- pressure from Delhi than Russian oil on a George Gleason of Bank OZK has helm till January 2031 when he turns term of one year despite its board rec-
tinue playing a significant role in forced them to keep pump prices delivered basis, according to cus- been there for 43 years, followed by 60. Similarly, Bank of India boss Raj- ommending three years. The RBI fol-
India’s trade basket, said Narendra of petrol and diesel flat for over a toms data. Iraqi crude was $5 a James Herbert of First Republic Bank neesh Karnatak’s term ends in April lowed it up with a three-year term!
Taneja, a leading energy expert. year, incurring billions of dollars barrel higher, according to cus- in San Francisco (37 years) and 2026, but he can continue till July Doesn’t it create confusion?
Russia depends heavily on China in losses in the process. Disc- toms data. Given the wide gap in Dominic Ng who has led East West 2030. Karnatak and Chand are the two
and India for its oil sales since ounted Urals have helped trim the prices, Russian oil will remain the Bancorp for more than three decades, youngest leaders among the current The writer is an author and senior advisor
Western sanctions, and Russian loss, an industry official said. biggest bet for Indian refiners as since 1991. First Republic Bank was crop of public sector bank CEOs. to Jana Small Finance Bank Ltd
exporters will do everything pos- Urals will remain competitive they find more innovative ways shut down on May 1 and its assets Atul Kumar Goel of Punjab His latest book is Roller Coaster:
sible to maintain this as long as in Asian markets — as the fact that and dark traders to import and were sold to JPMorgan Chase & Co. National Bank, who had headed UCO An Affair with Banking
sanctions persist, he said. their discounts have been reduced pay for the oil. Supplies will be The list includes Harris Simmons Bank before the current assignment, To read his previous columns,
Indian officials claim that dis- suggests — and Russia does not hurt only if the Russians offer (CEO of Zions Bancorporation for 32 will see his tenure ending in please log on to www.bankerstrust.in
counts on Russian crude have have to offer very high discounts, lower volumes. years) and Richard Fairbank, CEO of December 2024 when he turns 60. Twitter: @TamalBandyo

4: DEMAND HIGHEST IN MAHARASHTRA

STATSGURU Incremental human resource requirement (2013-22, in mn)
Rajasthan

Vocational training gap 15.5 13.6 11.0 9.3 8.5 5.8 4.2
ASHLI VARGHESE and real estate was the top sector, needing 31
million more people, while agriculture was at
Gender disparities may affect India’s ability the bottom (chart 3). Tamil West Gujarat
to meet a rising global need for skilled Maharashtra, Tamil Nadu and Uttar Pradesh had Nadu Bengal
labour. India’s global share of students incremental requirements for 10 million skilled Maharashtra Uttar Pradesh Karnataka
gaining technical and vocational education personnel each between 2013 and 2022, according
Note: Shows top 7 states in terms of pre-pandemic economic size (2018-19)
has increased, but remains significantly to the ministry estimates (chart 4). Source: Ministry of Skill Development and Entrepreneurship annual report (2021-22)
lower than countries such as China, The government seems to be aware of the problem.
Indonesia and Mexico, shows cross-country data. It allocated over ~3,500 crore to the Ministry of Skill
This is largely because India has lower female Development and Entrepreneurship, more than triple 5: BIGGER BUDGET FOR SKILLING MINISTRY IN 2023-24
participation in vocational training than the other the amount for 2015-16 (chart 5). Key schemes include Expenditure of Ministry of Skill Development and
top seven countries in terms of students enrolled the Pradhan Mantri Kaushal Vikas Yojana, which is said Entrepreneurship (in ~cr)
in such programmes (charts 1, 2). to have trained 13.7 million people. The National
2,625
2,619

3,517

India had “the lowest gender parity index”, with Apprenticeship Promotion Scheme has 2.1 million
2,405
2,198

women accounting for only 10 per cent of vocational enrolments and the Jan Shikshan Sansthan numbers
2,121

1,902

students, according to a July 2023 joint study titled for trained personnel are at 700,000.
1,553

“Building Better Formal TVET Systems: Principles and But increasing female participation would be key.
Practice in Low- and Middle-Income Countries” by The proportion of female vocational pupils has come
1,007

the World Bank, the International Labour Organization down over the years. It was nearly 40 per cent in 1971
and the United Nations Educational, Scientific and (chart 6). Many low- and middle-income countries
Cultural Organization. spend less than required on such programmes (0.2 per
Over 100 million additional people were required cent of gross domestic product, compared to 0.46 per
in India for various sectors between 2017 and 2022, cent in high-income countries), according to the study
according to the Ministry of Skill Development and cited above. India has the opportunity to bridge the gap 2015 2016 2017 2018 2019 2020 2021 2022 2023
Entrepreneurship estimates. Building construction with the right policies. -16 -17 -18 -19 -20 -21 -22 -23RE -24BE
RE: Revised estimate; BE: Budget estimate Source: Budget documents

1: TOP SEVEN COUNTRIES ACCOUNT FOR NEARLY 2: INDIA HAS LOWEST FEMALE PARTICIPATION 3: LARGE DOMESTIC REQUIREMENTS ACROSS SECTORS 6: FEMALE SHARE OF INDIA’S VOCATIONAL PUPILS
70% OF VOCATIONAL STUDENTS Secondary education, vocational pupils (% female) Incremental human resource requirement (2017-22, in mn) HAS DECLINED OVER DECADES
Share of global technical and vocational students (in %) Country 2017 30.6 Proportion of female vocational pupils (in %)
10.7 8.2 8.2
32 26 n 2007 n 2017 Mexico 53.6 6.7 5.7 4.9
21 United Kingdom 50.4 -13.5
18
Turkiye 45.0
Building construction
and real estate

Retail

Logistics, transportation
and warehousing

wellness

Textile and
clothing

Furniture and
furnishing

Tourism, hospitality
and travel

Agriculture
Beauty and

China 43.7
8 6
4 3 4 4 4 European Union 43.6
2 1 2
Indonesia 42.9
China European Indonesia Mexico Turkiye INDIA United
Union Kingdom INDIA 16.6
Note: Includes secondary students enrolled in technical and vocational education Note: Data for top seven countries in terms of students enrolled in technical and Note: Shows top seven sectors with greatest requirements.
programmes, including teacher training. Latest data is for 2017. Source: World Bank vocational education programmes, including teacher training. Source: World Bank Source: Ministry of Skill Development and Entrepreneurship annual report (2021-22) Note: Years where data is absent have been skipped. Source: World Bank

StatsGuru is a weekly feature. Every Monday, Business Standard guides you through the numbers you need to know to make sense of the headlines
16
>
Amid Gaganyaan, duo
shows moon is the limit
for Indian travellers
SHINE JACOB
Chennai, 24 July
G
aganauts are not the only Indians
gearing up to venture into outer
space. Dev Joshi, a 22-year-old
Gujarati actor, and Kerala-based entrepre-
neur and state planning board member
Santhosh George Kulangara are ready to
follow in the footsteps of Rakesh Sharma,
who became the first and the only Indian
citizen to travel in space way back in 1984.
At a time when the Indian Space Research
Organisation (Isro) is rigorously training
four Gaganauts or astronauts set to under-
take its ambitious Gaganyaan human mis-
sion to space, the duo may well conquer
the skies and even the Moon’s orbit ahead
of the space agency’s flagship project.
Joshi, the lead actor in popular fantasy
TV series Baal Veer, will be travelling
around the Moon’s orbit for six days on
the spacecraft, Starship, developed by Elon
Musk’s SpaceX. On the other hand, George
has tickets to fly into space aboard Richard
Branson’s Virgin Atlantic, which will make
him one of the first space tourists.
Joshi’s hopes are now raised to end a
phase of uncertainty. After a failure of its
test flight on April 20, SpaceX rolled out
Booster 9, the latest version of its Starship
Super Heavy vehicle, on July 20 at its
Starbase facility launchpad in South Texas.
The fresh test flight follows a roadmap
drawn by Musk one month ago, when he
said the new launch may happen within
“six to eight weeks”.
George, too, is upbeat as Virgin Galactic
came out with its list of the first three pas-
sengers on July 17. The trio will be part of
its inaugural private astronaut mission in
August. George is part of the first batch of
space tourists, having booked his journey
with Virgin Galactic back in 2007.
Last week also bode well for the coun-
try’s Gaganyaan mission. On Friday, at the
Eastern Naval Command in Visakhapat-
nam, Isro and the Indian Navy entered the
second phase of the space mission’s crew
module recovery trial operations.
Kid superhero to touch Chanda Mama
The story of the selection of Joshi, who
played a superhero in the Baal Veer series,
goes back to 2018. It was then that
Japanese billionaire Yusaku Maezawa
bought all the seats of a SpaceX trip to the
moon and back. Maezawa decided to bring
together eight artists from across the world
as crew members for this journey, and
announced a competition to pick them.
Joshi was among one million contest-
ants who participated in the competition
called the dearMoon project. There were
several meetings and the selection process
took place during the Covid pandemic.
“We had meetings with the SpaceX team
and former astronauts as well. They made
us understand the risks associated with it
and how we will be taken through Starship.
We were given tasks and also situations
during the selection process. Logical
thoughts, psychological evaluation,
science tests — we had to go through it all.
Then Zydus Cadila did my medical tests,”
Joshi told Business Standard.
At the end of it, the project selected
people with an artistic bent of mind, and
also mentally and physically unique.
“Their main goal was to select artists to
analyse the moon through their creative
vision,” he added. The deadline for flag-
ging off the journey is 2025. Ahead of it,
Joshi is expected to go to the United States
for a six-month training programme.
During the selection rounds, Joshi also
travelled to Russia for a meeting with
Maezawa, who is funding the project. “We
hear about Chanda Mama from our child-
hood. Our culture gives much importance
to the moon. I am excited by the idea of
seeing it with my eyes,” Joshi added.
New stop for Kerala globetrotter
Santhosh George Kulangara is a household
name for Keralites. From starting and still
directing the country’s longest running
travelogue, Sancharam (from 2001), to
being a broadcaster, editor and publisher,
George has worn many different hats. He
is also an expert member of the Kerala
State Planning Board.
The entrepreneur, who has visited aro-
und 140 countries, is likely to find space
among his next destinations. Branson and
Virgin Galactic were little known, when in
2007 George booked a ticket for a sky-high
sum of $2.5 lakh as the first space tourist
designate from India. He was 35 then.
George has already undergone a few
rounds of training at the Kennedy Space
Centre in Florida. These included a zero
gravity test conducted at a height of
40,000 feet above the ground.
“They have not confirmed when my
turn will come. I am waiting for a call for
the final round of training. I got to know
about this from a news item, while I was
travelling abroad. The Virgin Galactic team
is in touch with me every other day
through emails and other groups for tour-
ists,” George told Business Standard, add-
ing that his excitement had ebbed because
of the 16-year wait since his booking.
“I think in a few years, space travel will
become a normal thing,” he added, exp-
ressing hope that if he gets the opportu-
nity, viewers might be able to watch an
episode of Sancharam from space soon.
Gaganyaan team
shoulders country’s pride
Aside from the space tourism
strides, India’s ~10,000-crore
Gaganyaan mission is aimed
at demonstrating the country’s
human spaceflight capability.
The mission will be launching
a three-member team into a
400-km orbit for a three-day
mission and bringing them
back to the Earth.
In 2020, the country selected
four astronauts, but Covid-19
delayed their training. Although
the initial deadline of the project
was 2022, it is likely to start late
2024 or in 2025. There were reports that
the four selected candidates are Indian Air
Force fighter pilots, but there is no official
information. In March 2021, they comple-
ted a training programme in Russia. Now,
the chosen astronauts are expected to get
further trained by the US and be part of a
proposed flight to the International Space
Station, in accordance with an Indo-US
agreement recently signed during Prime
Minister Narendra Modi’s US visit.
“This particular activity is something
that the US wants and India also finds it
beneficial for the Indian space programme
because once an Indian prepares to go to
the ISS they will undergo a training pro-
gramme in the US and they are going to
come back and discuss how the training
and skills were imparted and this will help
design our Gaganyaan better,” Isro
Chairman S Somanath said recently.
MUMBAI | MONDAY, 24 JULY 2023
Kerala-based entrepreneur and state’s planning board member
Santhosh George Kulangara at a zero gravity training centre in the US
SPACE
TOURISM SO FAR
2001: American entrepreneur
Dennis Anthony Tito becomes first
space tourist to fund his own
space trip. He spent 8 days in a
visiting mission to the
International Space Station
Baal Veer actor Dev Joshi
Kulangara (left) with Richard Branson,
founder, Virgin Group WE HEAR ABOUT CHANDA
MAMA FROM OUR
CHILDHOOD. OUR
CULTURE GIVES MUCH
13 IMPORTANCE TO THE
31 MOON. I AM EXCITED BY
THE IDEA OF SEEING IT
No. of space WITH MY EYES
tourists to visit
International No. of tourists to conduct
Space Station sub-orbital flights so far
2004: Michael Melvill and Brian
n Virgin Galactic, SpaceX, Blue Origin, Orion Binnie travelled on SpaceShipOne,
Span, Boeing, Space Adventures and Zero 2 the first experimental sub-orbital
Infinity are engaged in space tourism globally space flight
Source: Indian Space Association PHOTOS: SANTOSH GEORGE KULANGARA, FACEBOOK/ DEV JOSHI
1
Oppenheimer
scene sparks
social media
controversy
PRESS TRUST OF INDIA
New Delhi, 23 July
A scene in Oppenheimer, in
which the titular character
appears to have sex as he
reads out verses from an an-
cient Sanskrit scripture, has
irked a section of social med-
ia users, who claimed the
lines are from the Bhagavad
Gita and demanded the rem-
oval of the sequence from Ch-
ristopher Nolan’s latest film.
Oppenheimer, a 180
minute-long sprawling biog-
raphical drama on the titular
American theoretical physi-
cist, opened in India on Frid-
ay to positive reviews and has
reportedly amassed close to
~30 crore at the box office in
two days.
Uday Mahurkar, informa-
tion commissioner, govern-
ment of India, wrote an open
letter to Nolan, terming the
scene a “disturbing attack on
Hinduism” and appealed to
the director to remove the
scene worldwide.
“We urge, on behalf of bil-
lion Hindus and timeless tra-
dition of lives being trans-
formed by revered Geeta, to
do all that is needed to
uphold dignity of their
revered book and remove this
scene from your film across
world. Should you choose to
ignore this appeal it would be
deemed as a deliberate
assault on Indian civilisation.
Eagerly await needful action
(sic),” Mahurkar, founder of
Save Culture Save India
Foundation, wrote.
J Robert Oppenheimer,
regarded as “the father of the
atom bomb”, had learnt
Sanskrit and was said to be
influenced by the Bhagavad
Gita. In an interview, the
physicist had recalled that
the only thought which came
to his mind after he wit-
nessed the first detonation of
a nuclear weapon on July 16,
1945, was a verse from the
ancient Hindu text — “Now I
am become Death, the
destroyer of world.”